HK$10,000 electronic consumption vouchers to be distributed to 6.6m Hongkongers: Paul Chan

Around 6.6 million Hongkongers will get electronic consumption vouchers worth HK$10,000 from mid-April at the earliest, which is double the amount given out last year, Financial Secretary Paul Chan Mo-po announced in his Budget.  

The 6.3 million citizens who got the HK$5,000 voucher last year will have no choice but to receive their first installment of HK$5,000 voucher in mid-April in the same stored-value platform they opted for last year among Octopus, Tap & Go, Alipay HK, or WeChat Pay.  

New platforms will join the scheme, and citizens can choose to receive their second installment of another HK$5,000 from these institutions in the summer. However, a government source said authorities are still in discussion with stored-value corporations for a possible partnership.  

The vouchers will be dispensed in two one-off installments of HK$5,000 each, but 300,000 citizens who are getting the vouchers for the first time will be receiving their first installment in the summer. 

The top-up limit of Octopus remains at HK$3,000, but users can tap on voucher-receiving machines in convenient stores and MTR stations to get the remaining vouchers as long as their Octopus balance is below the limit. The system will top up as much as it can until it reaches the HK$3,000 cap or has dispensed all remaining voucher value.  

The vouchers will be distributed on electronic payment platforms to permanent residents aged 18 or above, as well as new immigrants.   

The distribution of vouchers will cost the government HK$66.4 billion, including HK$400 million of administrative charges.  

Chan also announced more one-off measures to support members of the public affected by the epidemic.    

Some 2.01 million taxpayers will have their burden relieved by a 100 percent reduction of salaries tax and tax under personal assessment for the 2021/22 fiscal year, subject to a ceiling of HK$10,000. It will cost the government HK$13.1 billion.   

There will be rates concession for four quarters of 2022-23, subject to a ceiling of HK$1,500 per quarter in the first two quarters and a ceiling of HK$1,000 per quarter in the remaining two quarters for each rateable property.     

The measure is estimated to involve 2.99 million domestic properties and reduce government revenue by HK$11.7 billion.   

A subsidy of HK$1,000 will be injected into each eligible residential electricity account, involving an expenditure of about HK$2.8 billion. It will benefit around 2.8 million residential households.   

Eligible social security recipients will receive an allowance equal to one-half of a month of the standard rate Comprehensive Social Security Assistance payments, Old Age Allowance, Old Age Living Allowance, or Disability Allowance.   

This measure will involve an additional expenditure of about HK$2.38 billion. Similar arrangements will apply to the Working Family Allowance recipients, involving the additional spending of about HK$117 million.   

The government will also pay the examination fees for school candidates sitting for the 2023 Hong Kong Diploma of Secondary Education Examination, incurring HK$149 million.