TEACHERS have snubbed a government grant scheme offering more than $48 million to help pay their mortgages.
Less than 1,500, or 10 per cent, of the 15,000 teachers eligible had applied when the scheme closed in mid-July, and the Government may re-open it later this month.
Teachers say the grants available under the scheme are too small and cover only up to a third of the average monthly interest payment. They also say eligibility criteria are too harsh.
The Mortgage Interest Subsidy Scheme, announced by Financial Secretary Hamish Macleod in his last budget, promises to provide housing benefits for staff in subvented schools, and health and welfare bodies.
Administered by the Education Department, the scheme will cost taxpayers $48.2 million in the first year to subsidise 2,000 teachers and 110 health or welfare staff. However, only 1,300 teaching and 280 health and welfare staff had handed in application forms by the deadline.
Professional Teachers Union chairman and legislator Cheung Man-kwong said the grants were too small to be attractive.
''We are talking about repaying mortgage loans. It is no use granting us $2,000 or $3,000 a month,'' said Mr Cheung.