HK unveils 鈥榰nprecedented鈥 relief package for businesses, workers
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Hong Kong yesterday announced a basket of relief measures worth HK$137.5 billion (US$17.74 billion) to support businesses and residents struggling amid the COVID-19 epidemic.
As a key part of the package, the government will allocate HK$80 billion to pay up to half of the wages of workers from coronavirus-hit sectors for six months, capped at HK$9,000 a month for each beneficiary, Hong Kong Special Administrative Region Chief Executive told reporters.
The program will benefit about 1.5 million workers across Hong Kong, with the first batch to be distributed as early as June in a two-phase arrangement.
Besides, 215,000 self-employed people will be granted one-off subsidies.
Jobless rate soars
Lam described the relief efforts as 鈥渦nprecedented鈥 with the goal to prevent possible massive bankruptcies and layoffs triggered by the epidemic.
Hong Kong鈥檚 jobless rate increased to 3.7 percent 鈥 the highest in more than nine years 鈥 in the three months ended February.
Industries left out in the first round of government relief unveiled in February were also highlighted in yesterday鈥檚 schemes, as altogether 16 items of relief worth HK$21 billion will cover sectors including aviation and tourism, as well as workers from coaches to property agents.
The government will improve its guarantee program for loans to small and medium-sized enterprises, with the total guarantee amount increasing to HK$183 billion.
Efforts will be taken to create more jobs amid soaring unemployment.
Lam promised 30,000 time-limited jobs in both the public and private sectors in the next two years, saying the government will recruit 10,000 more civil servants in 2020-21 and launch 5,000 short-term youth internships.
To further relieve the burden on businesses and residents amid economic hardships, the relief package also included a cut in metro fees for six months starting in July, lowered rent of government-owned properties, extended a reduction in water and sewage costs, deferment of personal income tax payments and interest-free student loan repayments, and exemption of registration fees for medical staff.
The chief executive and other principal officials of the government will cut 10 percent of their salaries in the next 12 months to show the resolution of overcoming the difficult time together with Hong Kong residents, Lam said.
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