Hong Kong will increase the child allowance rate by HK$10,000 (US$1,275) in a bid to ease financial strain on families, and while the move has been welcomed by one population expert, he warned the more generous amount would do little to boost the decline in the birth rate.
Financial Secretary Paul Chan Mo-po on Wednesday also proposed doubling the tax deduction for retirement fund contributions made by employers for workers aged 65 or above to encourage greater employment of older residents.