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Cash-happy Macau splashes out big
Choya Choi
Wednesday, November 14, 2012
The Standard
Envious eyes are being cast across the Pearl River Delta as Macau prepares another grand giveaway - cash and benefits for residents that total 11.4 billion patacas (HK$11 billion).
But Hong Kong people cannot expect anything like it. Here, the administration is not convinced cash handouts do much more than produce short-while smiles.
That Macau's chief executive, Fernando Chui Sai-on, and his advisers think otherwise was seen as he opened the package in his third policy address yesterday.
The 11.4 billion patacas mixes cash handouts of 8,000 patacas with stamp duty waivers, tax rebates and more.
Chui told the Legislative Assembly that permanent residents will along with 8,000 patacas receive an additional 6,000 patacas in their central savings accounts and medical vouchers worth 600 patacas.
People of 65 or older will also enjoy a one-time payment of 6,600 patacas and more in a monthly subsidy.
Non-permanent residents collect 4,800 patacas in cash, and all households 200 patacas in an electricity subsidy.
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Chui also announced a property stamp duty waiver on the first 3 million patacas for first-time homebuyers and 60 percent tax rebates of up to 12,000 patacas payable in 2014. The cash and benefits will cost the government about 9.8 billion patacas and the tax rebates 1.6 billion patacas.
As for key policy objectives for next year, Chui plans to improve the social security system to help the needy while diversifying the economy. "To build a better home, the
government is making a long-term development blueprint to improve the livelihood of Macau citizens and to reinforce the one country, two systems policy and Macau people ruling Macau," he said.
Chui's first term in office ends in December 2014, so he can run for another five-year term.
With the focus on enhancing the livelihood of Macau citizens, many relief measures will continue to be in effect with an increase in amount, Chui added.
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He said inflation for the first nine months of this year was 6.29 percent and "the government is highly concerned about the effect ... on the population at large, especially the influence of the quality of life at the grassroots."
Expanding on elements of the handout package - the second in his term - Chui said that steady economic growth has meant the lump-sum payout can be raised from 7,000 patacas for permanent residents while for others it was being lifted from 4,200.
The extra 6,000 patacas in a central saving account remains the same while there is an additional 100 patacas in medical vouchers.
For the elderly, the one-off payment of 6,600 patacas means an increase of 600 patacas and a monthly subsidy rises from 2,000 patacas to 3,000.
The electricity subsidy of 200 patacas means 20 patacas more.
Education allowances are also up. Parents of secondary and primary students collect 2,400 patacas instead of 1,900, while pre-schoolers qualify for 2,000 patacas, an increase of 500.
Chui will answer questions from lawmakers on the policy address this afternoon.
Responding to this flurry in the neighboring SAR, Hong Kong lawmaker Gary Fan Kwok-wai said Chui's relief measures will put pressure on Chief Executive Leung Chun-ying, with some people looking for handouts or other help when he delivers his policy address in January.
But Fan believes a cash handout approach is not Leung's idea of realistic relief.
"With all the arguments about last year's Scheme HK$6,000, Leung ought to have learned not to give out cash that easily," he said.
"Instead, the focus should be on investing in the SAR's long-term development and minimizing the gap between the rich and the poor and increasing public housing."
Choya Choi
Wednesday, November 14, 2012
The Standard
Envious eyes are being cast across the Pearl River Delta as Macau prepares another grand giveaway - cash and benefits for residents that total 11.4 billion patacas (HK$11 billion).
But Hong Kong people cannot expect anything like it. Here, the administration is not convinced cash handouts do much more than produce short-while smiles.
That Macau's chief executive, Fernando Chui Sai-on, and his advisers think otherwise was seen as he opened the package in his third policy address yesterday.
The 11.4 billion patacas mixes cash handouts of 8,000 patacas with stamp duty waivers, tax rebates and more.
Chui told the Legislative Assembly that permanent residents will along with 8,000 patacas receive an additional 6,000 patacas in their central savings accounts and medical vouchers worth 600 patacas.
People of 65 or older will also enjoy a one-time payment of 6,600 patacas and more in a monthly subsidy.
Non-permanent residents collect 4,800 patacas in cash, and all households 200 patacas in an electricity subsidy.
http://diguk.com/fashion
Chui also announced a property stamp duty waiver on the first 3 million patacas for first-time homebuyers and 60 percent tax rebates of up to 12,000 patacas payable in 2014. The cash and benefits will cost the government about 9.8 billion patacas and the tax rebates 1.6 billion patacas.
As for key policy objectives for next year, Chui plans to improve the social security system to help the needy while diversifying the economy. "To build a better home, the
government is making a long-term development blueprint to improve the livelihood of Macau citizens and to reinforce the one country, two systems policy and Macau people ruling Macau," he said.
Chui's first term in office ends in December 2014, so he can run for another five-year term.
With the focus on enhancing the livelihood of Macau citizens, many relief measures will continue to be in effect with an increase in amount, Chui added.
http://www.facebook.com/6k10k
He said inflation for the first nine months of this year was 6.29 percent and "the government is highly concerned about the effect ... on the population at large, especially the influence of the quality of life at the grassroots."
Expanding on elements of the handout package - the second in his term - Chui said that steady economic growth has meant the lump-sum payout can be raised from 7,000 patacas for permanent residents while for others it was being lifted from 4,200.
The extra 6,000 patacas in a central saving account remains the same while there is an additional 100 patacas in medical vouchers.
For the elderly, the one-off payment of 6,600 patacas means an increase of 600 patacas and a monthly subsidy rises from 2,000 patacas to 3,000.
The electricity subsidy of 200 patacas means 20 patacas more.
Education allowances are also up. Parents of secondary and primary students collect 2,400 patacas instead of 1,900, while pre-schoolers qualify for 2,000 patacas, an increase of 500.
Chui will answer questions from lawmakers on the policy address this afternoon.
Responding to this flurry in the neighboring SAR, Hong Kong lawmaker Gary Fan Kwok-wai said Chui's relief measures will put pressure on Chief Executive Leung Chun-ying, with some people looking for handouts or other help when he delivers his policy address in January.
But Fan believes a cash handout approach is not Leung's idea of realistic relief.
"With all the arguments about last year's Scheme HK$6,000, Leung ought to have learned not to give out cash that easily," he said.
"Instead, the focus should be on investing in the SAR's long-term development and minimizing the gap between the rich and the poor and increasing public housing."
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