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A ship carrying the slogan of "celebrating the 23rd anniversary of Hong Kong's return to the motherland" sails at the Victoria Harbour in Hong Kong, south China, July 1, 2020. Photo: Xinhua
Opinion
Editorial
by SCMP Editorial
Editorial
by SCMP Editorial

Society will benefit from cash handout

  • There have been many suggestions on how people should spend the HK$10,000 allowance. No matter what each person decides, collectively there will be a positive impact
A one-off HK$10,000 (US$1,290) cash allowance may not seem much for many in affluent Hong Kong. But the government subsidy gives more than just a feel-good sentiment that the city badly needs, especially in times of economic and political woes. With tens of billions of dollars flooding the market in coming weeks and months, the economic benefits are potentially huge. A wealth of ideas and promotions have been offered by different companies and organisations to help get a slice of the pie. Ultimately, how to make the best of the windfall is up to one’s preferences and circumstances. Collectively, it would have a positive impact on society.
Unlike the HK$6,000 payout in 2011, the waiting time is shorter this time; but it still took more than four months before the money could be disbursed. Meanwhile, the circumstances have changed. The original intention was to help stimulate the economy when the Covid-19 outbreak subsided by summer. But the epidemic is still far from over. Whether the economy can fully benefit from the subsidies remain to be seen. The return of local infections and the uncertainties sparked by Beijing’s imposition of the national security law may prompt people to think twice about what to do with their money.

If you still have not decided what to do with the windfall, you are not alone. Many people are overwhelmed by the array of promotions by restaurants and retail outlets. There are also options for charity donation, investment and courses for self improvement. This is to be expected in an economy so badly hit. Financial Secretary Paul Chan Mo-po has set an example by supporting charities before he has even registered to get the handout, which is eligible to all adult permanent citizens until the end of next year. For top income earners like him, a lot more can be done to help the economy and society.

Unfortunately, shopping and dining out may seem a luxury to those who have lost their jobs amid social and economic turmoil. Many are still struggling and the payout can hardly make ends meet. The need for the social safety net to be cast wider cannot be ruled out.

Be it a shopping spree, a nice meal or a more worthy cause, the use of the HK$10,000 is entirely a personal choice. Society stands to benefit when everyone makes the best of it.

This article appeared in the South China Morning Post print edition as: Society will benefit from cash handout
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