Govt rolls out HK$4bn aid package for businesses

Govt rolls out HK$4bn aid package for businesses

The government on Wednesday announced a HK$4 billion relief package which officials said would help tens of thousands of businesses deal with the current economic downturn.



The latest package, announced by the Financial Secretary Paul Chan on Wednesday, includes waivers for water and sewage fees as well as a higher waiver for government rates.



Between December and March, the government will waive 75 percent of their water and sewage fees, capped at HK$32,500 each month.



The government will subsidise three quarters of the electricity bill of companies, capped at HK$5,000 per month for a period of four months.



The waiver on government rates will also be increased to HK$5,000 in the final quarter of the fiscal year – up from the HK$1,500 announced in the budget in February.



Chan dismissed claims that the package fails to help individuals.



"Our concept is that by supporting businesses, it will help safeguard employment. During the economic downturn, supporting employment is the number one priority of the government," he said.



Other measures in the package include an increased subsidy to people enrol on a government retraining programme, rent concessions for users and tenants at the Kai Tak cruise terminal, and a one-off rent subsidy for recycling industries.