Budget 2020/21

Business

Hong Kong budget plan subsidizes employment programmes under weak economy

  • The Young Reporter
  • By: BellaHuang、Cynthia Lin、ShukmanSo、Sunny SunEdited by: Mark Chen、AlecLastimosa
  • 2020-02-27

The Hong Kong government will provide additional annual funding of $30 million for employment programmes of the Labour Department to relieve job loss and financial pressure on individuals and companies, said Financial Secretary Paul Chan Mo-po in the Feb 26 budget plan. The economy in Hong Kong has been hit hard by the outbreak of the coronavirus and months of anti-government protests, which makes the labour market subject to huge pressure. According to the Census and Statistics Department, the seasonally adjusted unemployment rate in Hong Kong has risen to 3.4% from November 2019 to January 2020.  Over the same period, the employed population has decreased by over 10,000 to 3.80 million, and the number of people available for work has dropped by around 16,300 to 3.93 million. "The labour market eased further as economic conditions continued to worsen," said Law Chi-kwong, Secretary for Labour and Welfare. "The year-on-year decline in total employment widened further," he added. Dr Law said that the dramatic fall in employment rate signified that some people may have chosen to leave the labour force after losing their jobs. In light of the worsened employment situation, Paul Chan encourages employers to hire the elderly, the disabled and young school leavers by raising the ceiling of on-the-job training allowance under different employment programmes. The Youth Employment and Training Programme is a pre-training programme for all young school leavers aged 15 to 24. Participants of the programme can apply for one-month internships provided by the government, welfare agencies and private enterprises, as well as an internship allowance of $45,800. "I came to Hong Kong last year and worked as a handyman. But our industry has been affected by anti-government protests since last September," said Wong Tsz-Hong, 23, who has been working after graduating from high school in Foshan, Guangdong. …

Business

Health sector calls for wise spending on $75 billion fund for Hospital Authority

  • The Young Reporter
  • By: Tomiris Urstembayeva、Han Xu、Leone Xue、RonaldFanEdited by: Tomiris Urstembayeva、Han Xu、Leone Xue、RonaldFan
  • 2020-02-26

Financial Secretary, Paul Chan, has made the fight against COVID-19 a priority in this year's budget. In his speech in Legco on Wednesday, he promised $75 billion will be granted to the Hospital Authority, however, some professionals worried that the budget is not going to be spent wisely.  "They are not managing their money effectively. The government should be monitoring how the HA uses the money effectively and properly," said Cyrus Lau Hoi Man, a registered nurse and an officer of Hong Kong Allied Health Professionals and Nurses Association. Out of the $75 billion, $30 billion will be spent on setting up Anti-epidemic Fund to facilitate the provision of prevention supplies by sourcing them worldwide, while supporting local production to satisfy soaring demand.  "Making good use of fiscal reserves to support enterprises and relieve people's hardship is certainly in line with our people's expectations towards the government under the current difficult environment," said Financial Secretary, Paul Chan Mo-po. The Hospital Authority will get $600 million to increase manpower and improve the quality of. Services. Another $650 million will go toward supporting the District Health Centre in Kwai Tsing and to set up six more centres around Hong Kong in the coming two years.  "(We) will continue to allocate resources to promote district-based primary healthcare services, with a view to enhancing the public's capability in self-health management and providing community support for chronically ill patients," said Mr Chan.  Rehiring retired doctors and nurses is one of the ways the government is planning to solve the doctor shortage. But according to Mr Lau, this solution is only "a bottle of water to put out a big fire" as retired doctors are not as "energetic" as the younger ones. He also thinks that it's necessary to propose "punishment" to avoid any unfairness in …

Challenges that local businesses are facing

  • 2020-02-26
  • The Young Reporter
  • By: SamuelMo、Carol Mang、Moon LamEdited by: SamuelMo、Carol Mang、Moon Lam
  • 2020-02-26

Government is pumping money for businesses amid the outbreak of the coronavirus. The Financial Secretary has released measures, including reducing profit tax, waiving the rates, and subsidizing the electricity bills, to offer relief to businesses amid the coronavirus outbreak