Incentives from the Government of Hong Kong S.A.R.
It’s been quite a challenging time for all. We just want to drop you a quick information on which of the Government support measure recently introduced to-date that could benefit the Companies:
- The Government will provide wage subsidy to eligible employers to retain the latter’s employees. Employers have to undertake that they cannot implement redundancy.
- All employers who have been making Mandatory Provident Fund (MPF) contributions for employees are eligible, except those on the exclusion list (employees of the HKSARG, statutory bodies and Government subvented organisations)
- The wage subsidy to be provided by the Government is calculated based on 50% of the monthly salary, which is capped at $18,000 (i.e. the median monthly wage in Q2 2019), for a period of six months.
- To be disbursed to employers in two payments, with the first not later than June 2020. Expect to benefit 1.5 million employees
- To provide support to employers in the catering, construction and transport (mainly taxi and red minibus drivers) sectors which are not completely covered by the MPF scheme (involving about 800 000 persons)
- To grant a one-off subsidy to self-employed persons who made MPF contributions (about 215 000 persons)
For any information, please contact our team at info@opkofinance.com or by phone +852 2654 8800.
