So as more news is being pushed to the media on the topic of the $6000 HKD Cash Handouts (read that first if you haven’t to get what this post is about) , I feel obligated to let our readers know what is going on. Aside from that I have some strong sentiments towards the issue. As Hong Kong is a capitalist state, the current situation explained below doesn’t really help the cause of trying to bridge the gap between the Rich and the Poor. More insight below with steps on how to collect the Cash Handout as well
A lot of the media outlets are reporting that as citizens, there needs to be a registered address and HK bank account in order to collect the money. A government issued letter will be sent out in which the recipient will need to visit some sort of government branch between April and June to have the funds deposited to them by the end of the 4th quarter.
What and why is Hong Kong giving out free cash? The public knows of the surplus the government has, and the amount is staggering at HK$71.3 billion ($9.15 billion USD). The initial plan to put the money into pensions angered the poor. First off, there is no immediate impact on the wealthy for the money. Second, there are still many Hong Kong citizens that live by paycheck to paycheck, can barely provide support for themselves, and have no pension plan in place for retirement.
The public became restless due to this whole situation in which the wonderful Bow-Tie Chief Executive Officer Donald Tsang ends up being hit in the chest. The poor labor class grew restless, and thus the Government in Hong Kong responded to the public. $6000 HKD sometimes more than what the poor makes in Hong Kong. If in fact the government gave the money towards the poor only, the working class could come out and complain that the original plan for pension is being robbed from them. To even the playing field, any person over the age of 18 is now qualified for this. Mouths are shut and everyone is happy. Well? Not quite
In all news/media that I have read, no one mentions WHY there is such a large surplus for a small SAR with 7million people. 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.