Relief Measures to combat inflation:
- Waive rates for 2011-12, capped at $1,500 per tenement per quarter. About 82% of properties will be subject to no rates in the year, costing approximately $9.9 billion.
- Electricity subsidy of $1,800 to each residential electricity account, benefiting over 2.6 million domestic accounts at a cost of $4.7 billion.
- Pay two months' rent for public housing tenants at a cost of $1.9 billion.
- Provide one more month of CSSA payment, Old Age Allowance and Disability Allowance at a cost of $1.9 billion. Adjust these allowances as necessary in mid-year.
- Raise child allowance by 20%, benefiting over 300 000 taxpayers at a cost of $650 million.
- Increase dependent parent/ grandparent allowances and deduction ceiling for elderly residential care expenses by 20%, benefiting about 510 000 taxpayers at a cost of $570 million.
- Reserve $24 billion for making a one-off injection of $6,000 into MPF accounts to increase the retirement savings of MPF scheme members.
- Reserve an additional $100 million for making injection to the short-term food assistance services as and when needed.
- Issue $5 billion to $10 billion worth of Hong Kong-dollar "iBond" to provide another investment option for coping with inflation while promoting the development of the local retail bond market.
# posted by Birdie @ 9:54 PM
