Hong Kong Government to give $6000 to Permanent Residents!

[RFlush]

Originally Posted by ilvtofu

Damn I'm going to get my 3rd star in a few months Im probably not eligible
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You won't be. If you have 1 star that means you are under the age of 18 and you are no eligible to receive the $6000.

Also Skinnypup, you will not be eligible as well unless you are PR (over 7 years). Which also applies for me, which sucks, since I pay taxes to HK yet I don't receive anything while those who have left HK years upon years ago receive $6000.

As DOHCVETC pointed out, this is a bad fiscal policy. This isn't Macau and the point is to relieve people of inflationary pressure, and by adding extra money, this wont help. The original plan of injecting into people's MPF accounts was better in my opinion, but still it was not good.

Oh well, HK government is fucked up.

[dachinesedude]

awww yea time to open a bank account in HK and collect!

[Grandmaster TSE]

if its anything like how they're doing it in macau, you will probably get a cheque in the mail

[murmur]

for once, the citizens of hong kong don't have to envy their macauese neighbour (macau gets annual allowance)

and eventhough this might be a government stint to stop the potential "mo li hua/jasmine revolution" in hong kong, the money is much needed for the hong kong citizens, especially the inflation and rise of living costs..

[yellowpower]

Anyone could be eligible right now mostly everyone has said not matter from any reliable source is just a rumour. The reason i say this? Cuz i want my money!
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[Tim Budong]

Well, we shoudl wait for an actual press release first!

[SkinnyPupp]

Yeah we miss out on this by like a year

A few years ago the power companies were giving a $300 credit to your bill each month, or something like that. It was really nice, I wish they'd do something like that instead

They were interviewing people about this on the news, and the reactions are what you would expect. Greed 18 year olds upset because they aren't eligible, box collecting ladies (they are everywhere) who say they don't make $6000 in a year (I wonder what they will do with the money?)

[Wongtouski]

Originally Posted by DOHCVTEC

As much as I appreciate the $6000 HKD, I think that the HK government has irrationally succumbed to popular outcry, instead of sticking to prudent fiscal planning. This is the government of HK, not one of the Middle East. To combat inflation as well as narrow the gap between the rich-and-poor, arguably the worst way to go about is to give handouts and, crucially, to give the same handout to everyone in society, regardless of income or wealth. Distributing more HK capital into the markets will only drive inflation, not reduce it. What is more, the broad distribution approach taken means that Li Ka Shing will get the same amount (HK$6000) as a 62 year-old labourer working his ass off 15 hours-a-day without a pension.

In my opinion, this handout scheme is simply a knee-jerk reaction, aimed only at mitigating public disapproval. It does not address the key fiscal problem: Why on Earth was there such a large surplus in the first place? The HK government is supposed to serve the people, especially those in vulnerable positions. It is not supposed to act as a sovereign wealth fund. That giant surplus could have gone into numerous social programs to help low-income families.

Perhaps what annoys me even more is reading about some of the people who just recently were complaining left-right-and-centre about not having enough money for food/clothing/rent. Last night, those same people were trying to decide whether to spend the government handout on a new DSLR, laptop, handbag, PS3, TV, or mods for their car???? That is simply wrong for a society, and will be nothing more than a temporary distraction from the more fundamental economic problems engulfing HK, such as the straining HKD/USD peg.

Yeah, some of my coworkers are saying this will curb inflation......what?

And you're bang on about people's perception of money here. They complain about food being an extra dollar or two, then they go out and buy the newest crap that they don't need.

You're also bang on about social programs. Compared to Singapore in terms of spending resources on the city/people, we're way FUCKING behind.

[busdriverman]

the government of HK needs to invest in its people, like welfare programs that help the needy.

the posts by DOHC and Wong all agree with this point. its is a matter of justice.

[ilvtofu]

Originally Posted by RFlush

You won't be. If you have 1 star that means you are under the age of 18 and you are no eligible to receive the $6000.

Also Skinnypup, you will not be eligible as well unless you are PR (over 7 years). Which also applies for me, which sucks, since I pay taxes to HK yet I don't receive anything while those who have left HK years upon years ago receive $6000.

As DOHCVETC pointed out, this is a bad fiscal policy. This isn't Macau and the point is to relieve people of inflationary pressure, and by adding extra money, this wont help. The original plan of injecting into people's MPF accounts was better in my opinion, but still it was not good.

Oh well, HK government is fucked up.

I turned 18 in october though, just haven't renewed my HKID yet for the adult one

[q0192837465]

Hmmm, maybe it's time to head back for a short trip

[asian_XL]

from the number of dollars they announced yesterday, they seem like they are going to limit to people who really live and contribute in HK.

40billion / $6000 = below 7 million people will get the money.

Hongers in Vancouver probably will not get the money.

[murmur]

Originally Posted by asian_XL

from the number of dollars they announced yesterday, they seem like they are going to limit to people who really live and contribute in HK.

40billion / $6000 = below 7 million people will get the money.

Hongers in Vancouver probably will not get the money.

rumours said people with dual citizenship, including Vancouver hongers, British hongers, as long they have the 'permanent resident' status, they are eligible.

again this is purely rumour, we should wait for the official government press.

[Tim Budong]

Originally Posted by murmur

rumours said people with dual citizenship, including Vancouver hongers, British hongers, as long they have the 'permanent resident' status, they are eligible.

again this is purely rumour, we should wait for the official government press.

Originally Posted by asian_XL

from the number of dollars they announced yesterday, they seem like they are going to limit to people who really live and contribute in HK.

40billion / $6000 = below 7 million people will get the money.

Hongers in Vancouver probably will not get the money.

I would wait for the online registry site to open first. At least that's what my parents have said, but I do have a hk registered address with a bank account

[Wongtouski]

Originally Posted by murmur

rumours said people with dual citizenship, including Vancouver hongers, British hongers, as long they have the 'permanent resident' status, they are eligible.

again this is purely rumour, we should wait for the official government press.

HK dun really gives a shit if you are dual or triple or quad, just as long as you have HKid, you're over 18, you get it.

Random thought, I'd love the see the cheque made out to Li Ka Shing for $6000 LOL

[Tim Budong]

Regardless, you have to think about this issue with an open mind. Free money is one thing, but the whole idea is retarded. Yea there's a lot of money floating around, but in reality, giving the money to the working class that powers the hong kong economy is retarded. Giving it to the poor doesn't help the cause, it's a lame duck excuse towards reasoning with the people. .

[asian_XL]

there are shit load of hongers who lives outside HK with perm HKID.

I'd like to see how they come up with 40billion for everyone

[RevRav]

Originally Posted by asian_XL

there are shit load of hongers who lives outside HK with perm HKID.

I'd like to see how they come up with 40billion for everyone

Looking back at the news article it says:

The public knows of the surplus the government has, and the amount is staggering at HK$71.3 billion ($9.15 billion USD).

Plus, there are talks (again nothing confirmed at this moment) to encourage citizen to not cash their money right away, and earn a bit of interest. This would prevent everyone from cashing in the money at once.

[SkinnyPupp]

Walking by a HK Jockey Club today, I pondered how much of that $40 billion will be blown in one day at the first horse race possible.

[asian_XL]

Originally Posted by RevRav

Looking back at the news article it says:


Plus, there are talks (again nothing confirmed at this moment) to encourage citizen to not cash their money right away, and earn a bit of interest. This would prevent everyone from cashing in the money at once.

the govt said they will use 40billion in total giving out to the hongers, not 70billion.

40billion / $6000 = 7 million.
There are way more than 7 million hongers around the world.

[threezero]

price of a pack of cigarrette in hk is slowly approaching canadian price...

[RevRav]

Originally Posted by asian_XL

40billion / $6000 = 7 million.
There are way more than 7 million hongers around the world.

Hmm...according to the 2006 Cenus
"Hong Kong Resident Population by quinquennial age group, sex and whereabouts at reference moment, 2006"

There's appx:
- 6.46 million in Hong Kong
- 249 922 living in Macau or Mainland China
- 154 668 in other countries and territories
- Total of 6.86 million (2006)

Note:

The Hong Kong Resident Population at the reference moment covers "Usual Residents" and "Mobile Residents". "Usual Residents" refer to two categories of people:

(1) Hong Kong Permanent Residents who had stayed in Hong Kong for at least three months during the six months before or for at least three months during the six months after the reference moment, regardless of whether they were in Hong Kong or not at the reference moment; and

(2) Hong Kong Non-permanent Residents who were in Hong Kong at the reference moment. As for "Mobile Residents", they are Hong Kong Permanent Residents who had stayed in Hong Kong for at least one month but less than three months during the six months before or for at least one month but less than three months during the six months after the reference moment, regardless of whether they were in Hong Kong or not at the reference moment.

Maybe they will use the above forum to determine who's eligible?

[SkinnyPupp]

There's only 150K HK residents who have emigrated to other countries? That sounds absurdly low... There's like 2x that many in Richmond alone!

[RevRav]

Originally Posted by SkinnyPupp

There's only 150K HK residents who have emigrated to other countries? That sounds absurdly low... There's like 2x that many in Richmond alone!

I think it might have to do with the part in the criteria how even the "Mobile Residents" would require to stay in HK for at least 1 month.

Sure there are Hongers that goes back for vacation and stuff...but a lot of the time they don't stay that long.

[BoredAtWork]

Originally Posted by hk20000

The surplus needed to go, once the word was out that the gov' was going to put the money into the people's MSP so they can use it as investment instead of spending it right away, there was public outcry. This is because the MSP is actually ran by private bankers and the "projected value" at the end of the cycle has no guarantee. I myself lost 8% in face value of my MSP contribution when I worked for a year in HK - all to no fault of myself. Chinese understands that this is all but a big scam plan by the bankers anyway they would rather get the cash right here right now.

And on top of that there will be people who can't receive anything because he/she has not had any official working experience.

not MSP but MPF. There was a problem with this approach also. There is a significant portion of the population who work and are not on MPF. These are similar people in both public and private sector who have join working force before 1997, and are working under the old Pension Scheme. With the previous Scheme, none of these middle class people gets benefit from the surplus.

MPF scheme is also different from RRSP. There are no self directed MPF. Its all run by Private banks, and at their investment porfolio. The money is locked in until retirement and you have NO way of releasing it, not even if you willing to pay income tax on it. In my opinon, its an epic failure, its basically fueling Private banks with the public's money.

I think even the rich like Lee Ka Shing deserves 6000. Why not? He contributed probably 50% of this government surplus with his enterprise. Why can't he take a legitimate share? Those who have NOT paid tax and live abroad shouldn't be allow to take the money instead. They have not contributed financially, or physically into the society. Think alternatively, if Hong Kong government is in deficit, and require each citizen to pay 6000 for this fiscal year, these people will complain that they have not burdened the government within this time frame just the same.


In Hong Kong, 85% of the tax income comes from 25% of the population. This is already a good definition of distributing wealth amongst the poor.