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$6000 for free ! (yes, really!)

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  1. #1

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    $6000 for free ! (yes, really!)

    Looks like we're going to be getting a cool six grand for free, directly into our impenetrable MPF accounts
    Budget 2011: Injection of HK$6,000 into MPF accounts - Professional Adviser HK

    "
    A one-off injection of HK$6,000 into the MPF accounts of all MPF scheme members was proposed in the budget speech by John Tsang today.
    The government have earmarked HK$24 billion for this measure. The Financial Services and the Treasury Bureau will announce the details in due course, and the Mandatory Provident Fund Authority will assist in implementing the injection. "I expect that the injection of funds into the MPF accounts will start in 2011-12", said Tsang.
    "


  2. #2

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    Essentially they're bankrolling the hidden tax ( surcharges being paid to private fund managers ).

    I'd like to see how they manage multiple MPF accounts for the same individual.

    dear giant likes this.

  3. #3

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    most of this money will go straight into the stock market.

    dear giant likes this.

  4. #4

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    No, most of it will go to the MPF providers in "fees".

    drumbrake and dear giant like this.

  5. #5

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    sadlly, I think the 3 above posts are all going to turn out to be true


  6. #6

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    This is really crap seriously

    The surplus should be aimed at helping the one in needs (ie the poor) imho.

    The poor do not have MPF.....

    Plus giving 6K to everyone who has a MPF?? what a waste....if I make 250K a month and get a 5Mio bonus do I really care about those 6K???

    Serioulsy Donald and Co sometimes....

    emmie, MovingIn07, shri and 3 others like this.

  7. #7

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    than again, HK$24 billion is less than half of daily HSI turnover


  8. #8

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    >> the one in needs (ie the poor) imho.

    I agree. But the way things work with the Government, this proposal was probably tabled during the times when you bankers were jumping out of windows claiming poverty.

    They could have sent out forms to everyone asking if the money should be deposited into their MPF accounts to finance them poor bankers, or into a fund which would be distributed through the community chest. Unfortunately, I suspect this would have involved work, pissed off the bankers and involved some amount of lateral thinking and a democratic solution.. god forbid.


  9. #9

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    Quote Originally Posted by shri:
    >> the one in needs (ie the poor) imho.

    I agree. But the way things work with the Government, this proposal was probably tabled during the times when you bankers were jumping out of windows claiming poverty.

    They could have sent out forms to everyone asking if the money should be deposited into their MPF accounts to finance them poor bankers, or into a fund which would be distributed through the community chest. Unfortunately, I suspect this would have involved work, pissed off the bankers and involved some amount of lateral thinking and a democratic solution.. god forbid.
    Indeed, where do you live again Shri?
    :-)

  10. #10

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    I'm sending paperwork to the govt to rename Pokfulam as Utopia. After all, the sun always shines in Pokfulam.


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