Expiry date for HK$5,000 digital vouchers may be extended to Lunar New Year: Hong Kong Financial Secretary Paul Chan
- While he hoped the scheme could boost local spending, Chan warned against excessive optimism over the economy despite recent improved figures
- Voucher drive a key policy from his budget speech in February, benefiting 7.2 million people
The expiry date for the HK$5,000 (US$645) digital vouchers to be distributed by the Hong Kong government to residents may be extended to Lunar New Year and dished out over fewer instalments, the city’s finance secretary has said, promising more flexibility on the handout.
While Paul Chan Mo-po said he hoped that the e-vouchers could boost local spending and accelerate economic recovery, he warned the public not to be too optimistic despite a first-quarter rebound in the city’s gross domestic product.
Chan said he expected registration for the e-voucher scheme to begin by the summer. Residents applying through online platforms could expect to receive their first instalment before the summer holidays in August, while it might take longer if they had registered on paper, he added.
The scheme, a key policy from his budget speech in February, will offer every adult Hong Kong resident HK$5,000 in local spending vouchers, benefiting 7.2 million people. It will cost the government an estimated HK$36 billion, of which HK$600 million is for administrative expenses.
The government originally planned to issue them in five instalments over five months. Authorities have so far not stated an exact usage expiry period for each instalment.
