HK$2.29 billion in funding sought for Hong Kong baby bonus scheme, with number of births expected to rise by 20% to 39,000 a year

Hong Kong authorities are seeking almost HK$2.29 billion (US$293.6 million) in funding for a three-year baby bonus scheme which will give parents a HK$20,000 cash handout for each newborn as they expect the number of births to rise by a fifth to about 39,000 annually.

The government, in a paper submitted on Friday to the Legislative Council’s Finance Committee for discussion, proposed the creation of a new non-recurrent commitment of HK$2.286 billion for the implementation of its Newborn Baby Bonus scheme.

Authorities predicted that from 2024-25, the number of births would increase by 20 per cent from about 32,500 in 2022 to around 39,000 each year.

The proposed amount would be for eligible babies born within the three-year time frame between last October 25, when the scheme was announced, and October 24, 2026.

The government said it expected the bonus could start to be handed out from late February, subject to the Finance Committee’s approval.

“We aim to create a childbearing-friendly environment while building a social consensus of reversing the trend of declining fertility rate,” the government said in the paper. “We hope that the Newborn Baby Bonus will provide an impetus for hesitant families to proceed with childbearing.”