Hong Kong is one of the fewer economies in the world that is going to see through the Coronavirus lockdown without a full lockdown. However, this still doesn’t mean businesses haven’t suffered- companies have been losing finances and employees, and some are having a hard time finding even a single customer.
To help firms cope with the pressure and vulnerabilities of the pandemic, the Hong Kong government recently announced the anti-epidemic fund to help recover Hong Kong Economy.
Job Retention and Employment Support
The government will provide Financial Support for Employers Hong Kong to help them retain their employees. The amount will be 50% of each employee’s salary, and the maximum support that the government will give is $9,000 per employee in a month. To receive the wage subsidies, the company should have been making MPF contributions from before 31 March 2020. Furthermore, Self Employed Professionals can also get financing if they have had an MPF account since before the same time frame.
Jobs for People
Hong Kong government has pledged to create at least 30,000 new jobs in the next two years, which will be time-limited for 12 months. There will also be government-funded programs and Funds such as the LWATECG Funds, COVID-19 online Dispute Resolution Scheme, Distance Business Programme, etc. which will help candidates learn new skills and enjoy more work opportunities.
Special Support for Hard-Hit Sectors:
The government has allocated around $21 billion to help 16 sectors which have been hit the hardest by the Coronavirus pandemic. The programs are yet to come, and once they do, they will benefit around 300,000 employees from more than 40,000 companies. These sectors are as follows:
School service providers and school suppliers
Local Primary Producers
Real Estate Agents
Exchange Participants and Securities and Futures Commission (SFC) licensed individuals
Extra-curricular activities and similar course providers
Taxi and red minibus drivers
Specified Non-Profit Organizations
Other sectors partially or entirely closed due to coronavirus lockdown.
There are other supports as well, which include Tax rebates, loan assistance, unemployment support for households, rental concession, a waiver for water and sewage charges, transport subsidies, among others.