Hong Kong's leaders see combined income cut of 20% on virus

A portion of the income has been donated to a charity organisation.

Senior Hong Kong government officials face a 20% reduction in their annual salaries, through a combination of voluntary income cuts and previously announced donations, Financial Secretary Paul Chan told the media on 12 April.

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, Chan told reporters following an interview with local radio.

In that broadcast, Chan said he has no plans to lift the property measures introduced years ago, which were aimed at cooling the real estate market, adding that the government expects land sales and tax revenue in the city to decline.

Last week, Hong Kong Chief Executive Carrie Lam announced a fresh stimulus package worth around $137.5b (US$17.7b) to support the city’s deteriorating economy brought about by the coronavirus outbreak. The additional spending accounts for about 9.5% of gross domestic product and almost doubles Hong Kong’s projected budget deficit for the 2020-2021 fiscal year.

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