March 8, 2022
HONG KONG – The first phase of Hong Kong’s new consumption voucher program announced in the 2022-23 Budget will roll out next month.
More than 6.3 million eligible permanent Hong Kong residents, who had signed up for the scheme last year, will automatically receive HK$5,000 ($640) in the first phase of the program.
Financial Secretary Paul Chan Mo-po said on Monday the entire voucher program is expected to boost the city’s economy by about 1.7 percent
Financial Secretary Paul Chan Mo-po said on Monday the entire voucher program is expected to boost the city’s economy by about 1.7 percent.
He said the first HK$5,000 installments were originally due to be handed out this summer, but have been brought forward to help businesses and residents who have been hard hit by the pandemic.
All permanent residents aged 18 and above, as well as new immigrants from the Chinese mainland, are eligible to apply.
Those who had signed up for last year’s program will directly receive HK$5,000 through electronic payment platforms, including Octopus, AlipayHK, WeChat Pay HK and Tap&Go. The money can be used in restaurants and shops to purchase fresh groceries or anti-epidemic supplies, or for public transport.
For residents who had previously used Octopus as their digital wallet for receiving the vouchers, the money will be distributed in two installments of HK$4,000 and HK$1,000. The remaining HK$5,000 will be distributed in the second phase scheduled for the middle of this year.
Other eligible residents who have yet to register for the e-vouchers can apply in the second phase.
The latest round of the e-voucher program will last seven months, or two months longer than last year’s, which was valid for five months.
The program’s roll-out comes as Hong Kong grapples with its most serious wave of COVID-19 infections that has dealt a heavy blow to consumer spending. The city reported 25,150 new infections on Monday.
“We’ve strengthened our anti-pandemic measures to support residents, as well as small and medium-sized enterprises, and lighten their economic hardship created by the pandemic,” Chan said.
“The consumption voucher scheme, as well as the government’s decision to delay SMEs’ rent payments from January for up to six months, have the same economic objectives,” he said.
According to Chan, the latest round of handouts, which is expected to cost the government about HK$66.4 billion, is projected to boost Hong Kong’s GDP by 1.7 percent.
The last round of the digital consumption vouchers in 2021, which cost the government about HK$36 billion, had lifted the city’s economic growth rate by at least 0.7 percent.