Hong Kong's top leaders see combined income cut of 20 per cent due to coronavirus
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A photo taken on Feb 26, 2020, shows Hong Kong Financial Secretary Paul Chan delivering the annual budget at the legislative council.
PHOTO: AFP
HONG KONG (BLOOMBERG) - Senior Hong Kong government officials face a 20 per cent reduction in their annual salaries, through a combination of voluntary income cuts and previously announced donations, Financial Secretary Paul Chan told media on Sunday (April 12).
A portion of the income has been donated to the Community Chest of Hong Kong, a charity organisation, and the remainder will go to the government coffers, Mr Chan told reporters following an interview with local radio.
In that broadcast, Mr Chan said he has no plans to lift the property measures introduced years ago aimed at cooling the real estate market.
Last week, Hong Kong Chief Executive Carrie Lam announced a fresh stimulus package worth about HK$137.5 billion (S$25 billion) to support the city's deteriorating economy brought about by the coronavirus outbreak.
The additional spending accounts for about 9.5 per cent of gross domestic product and almost doubles Hong Kong's projected budget deficit for the 2020-2021 fiscal year.
