HK to give $30k for second child and beyond
Chief Executive John Lee on Wednesday announced that families would receive HK30,000 for every baby after their first, aimed at encouraging people to have more than one child. Delivering his Policy Address, Lee also said an existing HK$20,000 reward for a new baby, due to expire next month, would continue for another three years. "The current term government has shifted from a non-interventionist…
Chief Executive John Lee announced on Wednesday that families in Hong Kong would receive HK30,000 for every baby born after the first, with the aim of encouraging larger family sizes. This new policy, detailed in his Policy Address, extends an existing HK$20,000 reward for new babies, which was set to expire soon. The current government has transitioned from a non-interventionist stance to actively promoting fertility, with the goal of creating an environment that supports childbearing.
Lee also unveiled other initiatives to incentivize childbirth. For families with more than one child, the tax allowance for subsequent children will increase from HK$140,000 to HK$160,000. Additionally, if these families purchase a home within a year before the baby's birth or within two years after, they will receive a HK$20,000 deduction on stamp duty.
Furthermore, if they buy a flat under the government's Home Ownership Scheme, the maximum loan-to-value ratio will be raised to 95 percent, reducing the upfront financial burden.
Other measures to support families seeking to expand their families include more IVF places at the Hospital Authority, additional childcare centers, and expanded after-school childcare services.
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