More Macau cash handouts and coupons

Michael Shum

More relief is coming for Macau residents as some are set to receive a cash handout of 15,000 patacas and 5,000 patacas worth of spending coupons starting next month.

Secretary for Economy and Finance Lei Wai-nong said the government will be rolling out a second round of relief measures worth around 10 billion patacas.

The package includes a cash subsidy of 15,000 patacas for employees who have declared professional tax - the gambling hub's income tax - to its Financial Services Bureau.

However, those who enjoyed a tax rebate of up to 20,000 patacas in 2018, as well as all 34,969 public servants, are not eligible for the subsidy. Macau residents earning 60,000 patacas or more per month - or an annual salary of 720,000 patacas - will also not be covered in the latest relief package.

In addition, residents will receive 5,000 patacas in spending coupons, to be used from August to December.

Unemployed residents will be subsidized with 6,656 patacas and those employed will get a subsidy of 5,000 patacas if they participate in government-organized vocational training.

The government will also pay two years of loan interest for freelancers, capped at 8,000 patacas.

Corporations will receive subsidies ranging from 15,000 to 200,000 patacas, depending on the number of employees, capped at 1 million patacas.

Companies that lay off workers without a reasonable explanation will be required to return part of the subsidy to the government.

"After stricter border-control policies were put in place, the number of visitors has dropped to the bottom of the valley," Lei said. "We have communicated with different departments of the government and reached out to different sectors of society before deciding to roll out these measures, which are both scientific and objective."

He urged all residents to be united in supporting small and medium-sized enterprises.

"Given the social atmosphere, there is a need to roll out more consumption coupons. I believe shops will not raise their prices, knowing people have money to spend."

He said the government will determine in June if the first round of relief measures will cause inflation and make adjustments accordingly, though he believes there is "only a small chance of causing inflation."

The government handed out spending coupons worth 3,000 patacas to each resident on February 13, and waived the water and electricity charges for all residential units for three months.

All Macau permanent residents received a medical voucher worth 600 patacas in the previous round of relief, while the families most in need received two months of extra subsidies.

michael.shum@singtaonewscorp.com