Financial stimulus for eligible workers kicks off Aug. 17

Financial support to alleviate the impact of the city’s largest Covid-19 outbreak on local residents and businesses is slated to commence August 17.

Announced by the Executive Council on Friday, the financial scheme will benefit Macau residents who earned less than MOP600,000 total in 2020 and 2021.

The cash support for workers targets those registered as taxpayers, who will receive MOP15,000.

Initially, the government had announced that the threshold would be at MOP480,000, meaning that those who will be receiving it are residents who earn about MOP20,000 a month. 

According to the Executive Council, the threshold was increased after hearing opinions from the public, as many have been affected by the situation. 

“After considering the severity of the pandemic and its impact on different sectors, we believe that the threshold could be further increased. That is why we made it MOP600,000,” said Iong Kong Leong, director of the Financial Services Bureau.

Meanwhile, financial support for freelancers who have declared profits not exceeding MOP240,000, within the scope of professional tax for the year 2021, will be granted between MOP15,000 to MOP300,000 according to their eligibility. 

Taxi drivers, stall owners, tourist guides and insurance agents are also eligible to receive MOP10,000.

The stimulus also benefits commercial establishments’ operators, who can receive between MOP30,000 to MOP500,000, calculated based on 10% of the total sum of the average of declared costs for the financial year in the last three years.

Profits up to MOP600,000 do not affect eligibility.

The financial support is granted through bank transfer or by check to be sent by post.

Companies that receive the subsidy are not allowed to shut down their businesses, nor dismiss workers without just cause for six months after they receive the subsidy. 

Earlier this month, president of the Industry and Commerce Federation of Macau Central and Southern District, Lei Cheok Kuan, suggested that the government distribute MOP15,000 to residents across three months in a bid to help sustain local businesses.

According to Lei, the first two MOP15,000 could be granted in cash, while the remaining stimulus could be handed out in a form of e-vouchers as a way to support the small and medium-sized enterprises who are facing near-bankruptcy.

Back in June, Secretary for Economy and Finance Lei Wai Nong announced that seven new financial subsidies for local businesses would be rolled out in response to the current Covid-19 outbreak. Those subsidies amounted to MOP10 billion.

In mid-July, the government announced a further MOP10 billion in another round of financial subsidies. 

The Legislative Assembly has already approved the budget.