'Media, Unions Can Monitor How Bosses Use Handout'

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

"); });
2020-04-11 HKT 12:08
Chief Secretary Matthew Cheung says the public, including watchdogs in the media and the trade unions, will play a role in monitoring whether businesses in receipt of a HK$80 billion subsidy package are using the money properly.
Speaking on Saturday, Cheung said the administration would consider listing all of the companies receiving the Employment Support Allowance so people can keep a check on how it is used.
"In Hong Kong we've got a very active media, but also a very active trade union movement here," he said. "I'm sure these are all very important watchdogs.
"Of course if there's any criminal element involved, conspiracy, dishonesty or so on, we will act according to the law, and any outstanding sum not used will be clawed back.
"We are also considering imposing a penalty for any deviation from the regulations imposed by the scheme."
Meanwhile Secretary for Labour and Welfare Law Chi-kwong acknowledged on an RTHK radio programme that it was impossible to make the scheme completely scam-proof.
He said he knew of people listing unscrupulous ways to profit from the measure, but insisted that they can be dealt with.
For example, the authorities can, theoretically, identify employers who cut workers' pay and take back part of the subsidy. But Law said it would be impossible to assess each employee's salary as doing so would delay the rollout of the scheme.
The subsidy is supposed to cover up to 50 per cent of the salary of each worker, up to a maximum of HK$9,000, for up to six months. It's part of a package of measures intended to maintain employment and reduce the impact on industry of the coronavirus outbreak.
Critics said the package didn't do enough to help people who had already lost their jobs and didn't prevent employers from cutting pay.
______________________________
Last updated: 2020-04-11 HKT 13:03
TOPPAN Edge Becomes Japans First Qualified VLEI Issuer
The Global Legal Entity Identifier Foundation (GLEIF) has announced TOPPAN Edge, a subsidiary of TOPPAN Holdings that p... Read more
SFC And Dubais DFSA Partner On Cross-Border Regulatory Cooperation
The Dubai Financial Services Authority (DFSA), the independent regulator of the Dubai International Financial Centre (D... Read more
Toss To Launch Finance Super-App In Australia, Plans Won-Based Stablecoin
South Korea’s fintech unicorn Toss is preparing to launch its finance super-app in Australia before the end of this y... Read more
China Funds Research On Stablecoins And Cross-Border Oversight
China’s largest government-backed research funder has begun accepting applications for studies on stablecoins and the... Read more
XTransfer, CZBank Shanghai Branch Form Cross-Border Finance Partnership
XTransfer has entered into a partnership with the Shanghai branch of China Zheshang Bank (CZBank). The agreement was si... Read more
Brinc Launches VentureVerse Through Acquisition Of OG Club
Brinc, a Hong Kong-based venture acceleration and corporate innovation firm, has acquired OG Club, a decentralised auto... Read more