4,682 Hong Kong families will get HK$20,000 baby bonuses in February, senior official says
A 40 per cent decline in the number of babies was also registered over four years, from 52,900 in 2019 to 32,500 in 2022.
“The problem is serious and urgent,” he said. “The purpose [for the incentive] is to let the entire society face up to the long-term problem of falling birth rates and to reverse the deteriorating trend.
HK$2.29 billion sought for Hong Kong baby bonus scheme, 20% more births expected
“Some critics doubted the measure’s effectiveness, calling it a stand-alone attempt to ‘turn the tide single-handedly’, but after they understood this is just a part of a series of measures, the social support towards it increased noticeably.”
Cheuk added that if the Legislative Council gave the green light to the funding proposal on Friday, the “red pocket money” would be disbursed to the parents in late February.
The government is seeking HK$2.29 billion in non-recurrent funding for the three-year scheme, which can support as many as 114,300 newborns in total, or 38,100 babies every year.
The number of births is expected to increase by 20 per cent starting in the 2024-25 financial year, compared with that logged in 2022, with about 39,000 newborns every year.
761 Hong Kong families apply for baby bonuses but ‘low birth rate to continue’
In his last policy address, Lee rolled out a series of measures in a bid to tackle the record-low birth rate.
In addition to the baby bonus, the government will provide couples with newborns on October 25, 2023 or after easier access to subsidised flats and public rental housing.
About 10 per cent of the subsidised flats for balloting will be allocated to those families, who will also have priority in selecting homes.
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If they opt to buy, or rent a flat, their tax reduction ceiling for interest on home loans or domestic rents will be raised from HK$100,000 to HK$120,000, until the child reaches 18.
Those queuing up for public housing flats will also have their waiting time cut by a year, starting in April.
The government is set to raise the working family allowance by 15 per cent, add 900 places at day childcare services and extend an after-school care programme for pre-primary pupils.