[Budget 2020] Liu Yixiang: 10,000 yuan should be sent to the public starting from August

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Written by: Yuan Yan

2020-02-28 10:51

The government announced a new budget on Thursday (26th), which will allocate 10,000 yuan to Hong Kong permanent residents who have reached the age of 18. The Secretary for Financial Affairs and the Treasury, Mr Lau Yi Cheung, said at a RTHK program today (28th) that if the budget can be passed in the Legislative Council, the public will receive it from August.

In addition, the Budget also introduced fixed-rate mortgages of different years. He pointed out that the economy is recovering and interest rates will rise. Fixed-rate mortgages are a relatively stable method.

Liu Yixiang pointed out that in this budget, cash of 10,000 yuan will be distributed to permanent residents who have reached the age of eighteen. As in 2011, the bank will be responsible for collection. He said that if the budget is passed in the Legislative Council, it should be possible to send money to the public in August, earlier than last November. He also pointed out that although some members have opinions on some items, he believes that the Budget will have the support of most members.

▼ "Budget 2020" measures ▼

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The new budget proposes a presumed interest rate mortgage loan plan with a total size of 1 billion yuan. Liu said that in recent years, there are concerns about economic stability, and fixed-rate mortgage arrangements are a good thing, and he hopes that the burden of public housing can be reduced. As for the budget to reduce the public year only insurance age from 65 to 60 years, Liu believes that this will allow policyholders to receive annuity growth over the years, but emphasized that the relaxation of age should be gradually implemented. Regarding whether this relaxation will cause a burden on the government, Liu Yixiang said that the annuity plan is actuarial based on life expectancy and interest rate, and the sooner the citizens apply for the annuity, the earlier the government can invest the amount of the annuity plan.

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