Cash Handouts Won't Be Red Tape Nightmare: Govt
"); jQuery("#212 h3").html("
"); });
2018-03-25 HKT 15:05
Government officials have sought to play down concerns that working out who is – and who is not – eligible for planned cash handouts will cost huge sums of money, and that applicants will struggle to deal with the red tape required.
Around 2.8 million adults who don't benefit directly from this year's budget will be able to get payments of HK$4,000, the government announced last week.
Financial Secretary Paul Chan said on Sunday that the administrative costs will depend on the number of applicants and he expects the final figure to amount to a "few tens of millions of dollars".
Meanwhile, Chief Secretary Matthew Cheung said officials will try to make the application procedures as simple as possible.
Cheung said the public can expect to have to prepare only a small amount of documents in order to apply for the money.
But he said he couldn't set out at this point exactly what paperwork will be required as it will take time for officials to iron out the details of the plan.
AI, Fintech, And Sustainability Take Center Stage At Asian Financial Forum 2025
Hong Kong is set to host the 18th Asian Financial Forum (AFF) on 13 and 14 January 2025, marking the region’s first m... Read more
Metal Cards: Transforming Asia Pacifics Payments Landscape, And Redefining Customer Acquisition And Retention
While European, American and Chinese markets have largely found their digital banking champions in Revolut, Chime, and ... Read more
HKEX Launches Fund Repository To Enhance Transparency
Hong Kong Exchanges and Clearing Limited (HKEX) announced on 13 December 2024 the launch of a Fund Repository on its In... Read more
WeLab Bank Disburses HK$61 Million In Subsidies For Hong Kong Students
WeLab Bank has facilitated the disbursement of HK$61.56 million in subsidies through the H.S. Chau Foundation’s “De... Read more
Hong Kong Unveils Roadmap For ESG Reporting And Green Finance Leadership
The Hong Kong government launched its sustainability disclosure roadmap on 10 December 2024, marking a signi... Read more
Will Hong Kongs Crypto Regulations Shape The Future Of Web 3.0?
Hong Kong Web 3.0 is emerging as a global powerhouse. With its strategic efforts to regulate stablecoins, pilot the e-H... Read more