[Tim Budong]

My parents are probably pretty happy to receive this money, as with me. Basically Government announces tax cuts after huge fiscal surplus ending the financial year march31. After some scrutiny from the original plan to put the money into retirement funds from the lower income citizens, the money will now to distributed to all HK permanent residence!

links to this news can be found here

http://ax3battery.com/2011/03/02/hong-kong-6000-government-cash-handouts-opinions-updates/

and here

http://www.smartmoney.com/news/ON/?story=ON-20110301-000456&

[RevRav]

Read about that earlier. Does anyone know when it will start? And the collection process?


And FYI: Its $6000 HKD which equal to $750 CAD

[EmperorIS]

hehe yep free hong kong round trip :D

[kyoshiro]

guess i'll have to get a ticket back to HK in the next couple of months after all.

[asian_XL]

From reliable source, you will need proof of residence, like registered mailing address and bank account.

From the news, it might not be one time payment
Posted via RS Mobile (http://www.revscene.net/forums/announcement.php?a=228)

[PiuYi]

i hope they have this well thought through...... in such poor economic times, despite huge surplus, handing out cash to every citizen doesn't sound like the best option


especially in hk where income disparities r so high

[LiquidTurbo]

When I first read the title, I thought that HK was going to give $6k to any one applying for permanent residence in the country.

Then I realized that the $6k was going to permanent RESIDENTS. :D

[cococly]

guess i'll have to get a ticket back to HK in the next couple of months after all.

They have not releasing any info about when they are paying us HKD$6000, nor which age group is getting it first.

I would say by then end of this year, maybe.

[RevRav]

Wonder if we have to be in person to collect it?
Or will it be mailed to our "resident"...just like our GST / HST rebates.

[Razor Ramon HG]

Do you know long that'd take if you had to lineup?

SMH..

[SkinnyPupp]

75% tax rebate too :thumbsup:

[EmperorIS]

Do you know long that'd take if you had to lineup?

SMH..

your not thinking that everyone is going to go line up at once right ?

[SkinnyPupp]

Do you know long that'd take if you had to lineup?

SMH..
People line up for days for free rice.

[Tim Budong]

im talkin to some friends in HK about this right now.
Nothing is confirmed on how this will be distributed or anything. Asian XL hit the spot there.

Lining up for ANYTHINg is culture in HK. hahaha. not surprised at the gongshow when this gets official

[ae101]

my dad told me about this not long ago, u need a valid hk id (for proof) & a hk bank account thats it nothing more i think so its either lining up or direct deposit

[StylinRed]

SWEEET pay down some cc's unless we have to fly there to get it..

[RevRav]

From reliable source, you will need proof of residence, like registered mailing address and bank account.

From the news, it might not be one time payment
Posted via RS Mobile (http://www.revscene.net/forums/announcement.php?a=228)

^This.

Heard from another source just right now - the government would be depositing the $$ into the bank accounts. So you might not need to be in person / lining up afterall.

So asian_XL's "reliable source" of needing a bank account might explain it.

Given this news was only announced a few hours ago....we'll know more detail as time pass on.

[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.

[goo3]

so... does hk have any debt?

[DOHCVTEC]

so... does hk have any debt?

For the 2010/2011 fiscal year, HK proposed a record surplus of HK$71.3 billion (that's US$9.15 billion). This will be the 6th year in a row for which HK will have had a surplus. A surplus of US$9.15 billion for a city of only 7 million people is completely irrational, bordering on oil-state levels, particularly in a time when many of its citizens are struggling financially with rising unemployment and inflation.

http://www.reuters.com/article/2011/03/02/hongkong-budget-u-turn-idUSTOE72101T20110302

FYI, HK has some of the highest foreign reserves in the world: http://en.wikipedia.org/wiki/List_of_countries_by_foreign_exchange_reserves

HK also has some of the wealthiest assets in the world, held in their sovereign wealth fund: http://en.wikipedia.org/wiki/List_of_countries_by_sovereign_wealth_funds

Which is all fine (Western governments would kill to have a surplus at all) IF everyone had high living standards and had access to world-class social programs reflective of the wealth of their government. But currently that's not the case, and there lies the issue, IMHO.

Funny, it is as if the HK government torn a page out of Libyan leader Gaddafi's book - in distributing fixed handouts to everyone, regardless of their income, regardless of their wealth, and regardless of the fact that they are even exposed to the huge inflationary pressures currently in HK.

[danned]

what is the point giving citizen 6000? they would keep begging for more
people in hk need to change

[hk20000]

For the 2010/2011 fiscal year, HK proposed a record surplus of HK$71.3 billion (that's US$9.15 billion). This will be the 6th year in a row for which HK will have had a surplus. A surplus of US$9.15 billion for a city of only 7 million people is completely irrational, bordering on oil-state levels, particularly in a time when many of its citizens are struggling financially with rising unemployment and inflation.

http://www.reuters.com/article/2011/03/02/hongkong-budget-u-turn-idUSTOE72101T20110302

FYI, HK has some of the highest foreign reserves in the world: http://en.wikipedia.org/wiki/List_of_countries_by_foreign_exchange_reserves

HK also has some of the wealthiest assets in the world, held in their sovereign wealth fund: http://en.wikipedia.org/wiki/List_of_countries_by_sovereign_wealth_funds

Which is all fine (Western governments would kill to have a surplus at all) IF everyone had high living standards and had access to world-class social programs reflective of the wealth of their government. But currently that's not the case, and there lies the issue, IMHO.

Funny, it is as if the HK government torn a page out of Libyan leader Gaddafi's book - in distributing fixed handouts to everyone, regardless of their income, regardless of their wealth, and regardless of the fact that they are even exposed to the huge inflationary pressures currently in HK.
But that's where the government in HK differs from the Western counterparts. The govrenment will not admit the internal problems of pure capitalism and the poor is going to stfu as long as they get their $6000 (easily 2 months of pay in HK if you didn't manage to make money in the first place)

IF they decide to hand out based on how much you make or anything like that you are just secretly admitting to the fact that capitalism hasn't worked for everyone.

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.

[StylinRed]

public health care in hk has been going to shits too that surplus would do a lot of good in that sector as well

[TheNewGirl]

I think we'll see a lot of countries with great income disparities giving out 'hand outs' soon after the chaos that we've seen in the middle east of late. While many of those fires were already burning, it is the escalating inflation rates and high levels of poverty that were the last straws on the camel's back.

Here in Canada our government 'buys peace' all the time, with things like GST/HST rebates, and gas credits and so on and so forth. If you take money for something you're less likely to rail against it, that's a well documented fact.

As I said, I'm sure HK won't be the last to employ this strategy. They're certainly not the first.

[ilvtofu]

Damn I'm going to get my 3rd star in a few months Im probably not eligible :(
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[RFlush]

Damn I'm going to get my 3rd star in a few months Im probably not eligible :(
Posted via RS Mobile (http://www.revscene.net/forums/announcement.php?a=228)

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 :D

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]

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]

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]

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]

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.

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]

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]

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]

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]

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]

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]

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.

[Meowjin]

Offtopic question, but I was talking to someone today who's parents had business in china, but why would they not open a bank account if they are a canadian resident and lived here for 15 years? Is it something to do with tax evasion?

[Meowjin]

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. .

Oh you mean like half the people living in Richmond?

[Tim Budong]

Bank of China's deadline for an HKD account is monday
costs $80 to open up
once thats done, you can submit the form for the $6000 to be transfered into that account

Only the Dunsmir Branch can do this.

ACT NOW!

[boatcaptain]

bank of china in richmond can do it too,but their customer service is super bad,n not very helpful

[Tim Budong]

bank of china in richmond can do it too,but their customer service is super bad,n not very helpful

no, they sent me downtown, they stopped taking requests in richmond LOL

[yray]

$80... I thought it was $40

[Not really racist!]

HKID has to be issued on or before March 31st btw (2012)

[ilvtofu]

bank of china in richmond can do it too,but their customer service is super bad,n not very helpful

Lol yeah Richmond stopped doing it > a month ago when I last went, procrastinated until today to do it at the downtown branch. Great customer service, I think teller's name was Grace Ng. Super helpful and decent english too, guy she helped before me was super appreciative of how considerate she was.
Can confirm monday is the last day. I have a feeling when BOCHK calls me and asks my citizenship I will slip out "Canadian" but whatever, fingers crossed.

The fees they charge if you're below minimum balance are pretty expensive eh?

[EmperorIS]

Got mine.

[Zeph331]

$80... I thought it was $40


it was...60$ when i got it done lol

[Tim Budong]

the fees are ridiculous.
Like any HK banking, its so archaic compared to what we have here.

[Drow]

got mine a few months back

ez pz

[asian_XL]

Sadly, don't think there is another round this year....but in Macau, they have been paying over 50,000 = $6200cdn in the past 4 years. I am expecting another $1000cdn will be paid this year, awesome government they are.

[Wongtouski]

Sadly, don't think there is another round this year....but in Macau, they have been paying over 50,000 = $6200cdn in the past 4 years. I am expecting another $1000cdn will be paid this year, awesome government they are.

That's sorta in part hush hush money for opening up the gambling scene and letting FOBS literally ruin their city.

[SkinnyPupp]

That's sorta in part hush hush money for opening up the gambling scene and letting FOBS literally ruin their city.
Sorta in part? It's exactly what it is. But the local population is so low, I guess it works.

The HK $6000 scheme is also exactly the same. Hush hush money, but it doesn't seem to work on such a large population, as we see with all the protests that continue to take place. In fact the latest protests (the government wanted to add "morality lessons" to the compulsory school curriculum.. basically teaching HK students how to be good communists) was eventually shot down due to starvation and student walkout protests.

[yray]

^ just hk ppl being hk ppl, complain about everything :troll:

[Tim Budong]

^ just hk ppl being hk ppl, complain about everything :troll:

mehhhhhhhhhh

[asian_XL]

Sorta in part? It's exactly what it is. But the local population is so low, I guess it works.



it works because the Macau government get paid 50billion from the casino tax, only 3% used in government expenses and welfare, 2% to those hush hush cash. What happen to the rest of the money? who knows. Probably people are balling in communist style.
:fullofwin:

^ just hk ppl being hk ppl, complain about everything :troll:

I see people complain about Apple requires online reservation to buy an iphone5...people are sending letters to Consumer Council

[hongy]

^ just hk ppl being hk ppl, complain about everything :troll:

:lawl:
Posted via RS Mobile

[Benz_05TSX]

I opened my account in June and still hasn't receive anything yet.

[Selanne_200]

Did you make sure you apply to scheme6000 online after you opened your account?

[CT10]

My friend missed the BOC deadline. Does anyone know when the HSBC deadline is?