Start in sight for HK$6,000 handout
The long wait is drawing to a close. In 16 days the process that will allow people to get their hands on the government's HK$6,000 cash handout finally begins.
But even for those who are first in line - the elderly - actually getting their hands on the cash will take a little longer. The first HK$6,000 will not be handed out until November.
The first registration day is August 28 - a Sunday. Although this is usually a day off, 1,100 branches of the 21 banks taking part in the scheme will open specially. And post offices will open from 9am to 5pm for permanent residents over 65 to register. After 10 to 12 weeks, when their eligibility is confirmed, they can receive the cash.
The younger you are, the longer you will have to wait. Registration will take place in batches every two weeks from September 11.
There are only two ways to register - through a bank or by post.
Permanent residents with a personal local bank account can submit their registration forms to one of the 21 local banks, or through e-banking if the service is provided.
Those without a Hong Kong bank account can leave forms in drop boxes at post offices or send them by post; cheques can be collected at specified post offices in person.
All those registering have to be over 18 on or before March 31 next year. An extra HK$200 bonus is available for those delaying their registration until April 1. The last registration date will be December 31, 2012.
Secretary for Financial Services and the Treasury Dr Chan Ka-keung said people should have ample time to register and did not need to rush.
'I would like to remind members of the public, especially the elderly, that whichever way you register, there is no need to queue up to submit the forms in person,' Chan said at a press conference to launch the scheme yesterday.
Only those who are mentally unfit can receive their money through a legal guardian.
Meanwhile, a Housing Authority spokesman said yesterday the HK$6,000 would not be counted as income in the vetting of public rental housing applications.
The handout is also not subject to tax since it is not income derived from employment.
The windfall for the more than 6 million adult permanent residents was announced after a budget U-turn in March by Financial Secretary John Tsang Chun-wah, who had initially proposed that the money be paid into Mandatory Provident Fund accounts. Further opposition led to this being extended to needy new migrants; those who will be 18 or above by March 31, 2012, have settled in Hong Kong for less than seven years, lack a Hong Kong permanent identity card and fulfil the income requirements can apply.
$207m
The amount the government will spend on distribution of the handouts
- HK$81 million of this will be paid to banks
