Hong Kong announced on Wednesday that they would be giving away $6000HKD (about $770 USD) to each adult permanent resident in Hong Kong.
The government will also be issuing salary tax cuts due to a fiscal surplus for the fiscal year ending on March 31st. This plan of giving out money to almost everyone replaces the plan that they had earlier to give that money to retirement savings accounts. Lawmakers and social groups commented that it is ineffective on low-income groups. The government would waive 75% of salary taxes. It is estimated that there is a surplus of $71.3 billion for this fiscal year.
Update on the news available here.
Update: August 23, 2011
To update all of our posts about HK $6000, which the operation is now called Scheme $6000, the start of registration for the distribution of the $6000 HKD begins on Sunday, August 28th, 2011 for Hong Kong citizens over the age of 65 or was born before 1946. Applications can be done via online or at your local bank. In March this year, the Hong Kong government announced that they were distributing $6000 HKD (~$770 USD) to every adult who resides in the country to distribute the surplus of 71 billion (~8.8 Billion USD)
The timeline for the distributions of the $6000 HKD are as followed:
1st Batch: Ages 65+/Born Before 1946 – Registration starts on from August 28, 2011
2nd Batch: Ages 55 -64/ Born Between 1947-1956 – Registration starts from September 11, 2011
3rd Batch: Ages 45 – 54/ Born Between 1957-1966 – Registration starts from September 25, 2011
4th Batch: Ages 35 – 44/ Born Between 1967-1981 – Registration starts from October 9, 2011
5th Batch: Ages 18 – 34/ Born Between 1982-1993 – Registration starts from October 23, 2011
Even with all the different dates, the unofficial close of all applications is on November 5th, 2011. Although the registration closes on the 5th of November, applicants can still mail in their applications form till the March 31st, 2012 to receive the $6000 HKD. The processing of the application will take 10-12 weeks and the money will be transfered into their respective bank account.
If you cannot make the registration deadline, there will a second window of application starting from April 1st, 2012 to December 31, 2012. These application can opt for the $6000 HKD with a $200 bonus.
With the latest of the HK $6000 handout, for those with a Hong Kong Residency Card, are you going to go apply when it is time or opt out for the $6200 handout next year? Comment below!