Cash Handouts Won't Be Red Tape Nightmare: Govt

"); jQuery("#212 h3").html("

Related News Programmes

"); });

2018-03-25 HKT 15:05

Share this story

facebook

  • Cash handouts won't be red tape nightmare: govt

Government officials have sought to play down concerns that working out who is – and who is not – eligible for planned cash handouts will cost huge sums of money, and that applicants will struggle to deal with the red tape required.

Around 2.8 million adults who don't benefit directly from this year's budget will be able to get payments of HK$4,000, the government announced last week.

Financial Secretary Paul Chan said on Sunday that the administrative costs will depend on the number of applicants and he expects the final figure to amount to a "few tens of millions of dollars".

Meanwhile, Chief Secretary Matthew Cheung said officials will try to make the application procedures as simple as possible.

Cheung said the public can expect to have to prepare only a small amount of documents in order to apply for the money.

But he said he couldn't set out at this point exactly what paperwork will be required as it will take time for officials to iron out the details of the plan.

RECENT NEWS

HashKey Lists On Hong Kong Exchange

HashKey listed on the Main Board of The Stock Exchange of Hong Kong Limited, becoming the first digital asset company t... Read more

North Korea Linked To Over Half Of 2025 Crypto Heist Losses

TRM has published new research showing that North Korea-linked actors were responsible for more than half of the US$2.7... Read more

South Korea Forms Task Force After Coupang Data Breach

The South Korean government announced on Thursday (19 December) that it will establish an interagency task force to add... Read more

Is Hong Kongs Default Life Insurance Choice A Wealth Drain?

Hong Kong is a city that takes financial security seriously, boasting one of the highest insurance penetration rates in... Read more

RedotPay Secures $107M Series B, Total Funding Hits $194M

RedotPay, a global stablecoin-based payment fintech, has closed a US$107 million Series B round, bringing its total cap... Read more

91% Of Hong Kong Merchants Lose Revenue To Payment Friction

Aspire has released its Hong Kong Ecommerce Pulse Check 2025, highlighting that while mid-sized ecommerce merchants rem... Read more