After conducting the Budget Speech of 2011, financial secretary John Tsang has been suffering a popularity slump. Simply speaking, the budget proposal sucks. Among different devils, the Government Injection Contribution (GIC) is the deadest one.
The government proposed to inject $6,000 to Hong Kong citizens who should have an account in retirement schemes under MPF or ORSO, as at 23 Feb 2011. This is GIC. Nobody is happy to it, either eligible ones or else.
People entitled to GIC bemoaned the unreachable future to cash in the "candy". Normally, we could only get our MPF stuff back when we are 65. So, GIC is a solid thing, but virtually untouchable. To rub salt in the wound, fund managers could reap the sow from our pocket, IMMEDIATELY. After the mini bond saga, fund managers are equally envied and disgusted. GIC could only increase our hatred of the riches getting richer.
Ineligible ones are a priori unhappy. However, GIC is outrageously unjust to a large group of those, the retirees. John Tsang said, one of the reason for GIC, is to protect the retirement life. If it holds water, then how come the retirees could get nothing from it? For example, the old and poor people, who have no MPF account, even are living under the poverty line, could never be benefited. In contrast, billionaires could get their share of $6,000, once they get a MPF account. So, does it mean our government is contended with the poor old people's way of life, say, by picking paper from rubbish bins to eke out their living?
That's why the "Bauhinia uprising" is brewing.
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