Due to the coronavirus pandemic, a lot of businesses in Hong Kong struggled from the fallout. To help these struggling businesses, Chief Executive Carrie Kam announced that a relief fund amounting to HK$137.5 billion is set to be released.
Out of the HK$137.5 billion, $80 billion will be used to pay half of the salary of affected workers estimated to be at 1.5 million which will go on for six months starting June.
In line with these advantages, all private businesses must pledge not to terminate workers. Lam, together with her 16 ministers will also offer a 10 percent pay cut for one year to help combat the coronavirus pandemic. As for Lam, the chief executive, she will be receiving $390,000 from the usual $434,000 salary.
“Lam announced the latest measures to help businesses and residents cope with the COVID-19 crisis at a press conference held at 6pm tonight, Apr 8.She said the aid package, together with earlier fund relief measures, would cost $287.5 billion, resulting in this year’s budget deficit to surge from $139.1 billion to $276.6 billion, equivalent to 9.5 percent of gross domestic product,” The Sun Hong Kong reported.
Despite that, Lam is determined that this step is for the betterment of everyone. One business particularly affected by the pandemic was the aviation industry.
Aside from Hong Kong, countries like Singapore, Japan, and the British government also provided for help for struggling businesses in their countries.