Is it really any surprise HK citizens are angry? Wouldn’t you be? Being a privileged expat in HK you can easily forget how the other 99% are really living #加油香港
Massive increasing inequality where the top 21 mega tycoons own almost $2 billion (equal to HK fascial reserves) while 1.3 million live in poverty, almost half a million of which are over 65.
Despite taxes being significantly lower than other OECD countries (UK, Japan etc), HK has still accumulated a budget surplus of over $690 billion. However, out of all these countries, HK spends THE LEAST on public services like healthcare and social welfare.
Minimum wage adjustments are below inflation rate causing the true purchasing power to be substantially less at around $4.8 USD per hour (which is just over the amount under 18-year olds get in the UK). All the while HK remains the worlds most expensive housing market. Houses which are also some of the smallest with multiple family members sharing tiny spaces.
Short supply of childcare causes women to undertake part-time jobs with short working hours, which not only offer low wage but added risk of no insurance.
and all of this on top of the current policial issues…
As a result, HK is one of the worlds unhappiest places and has dropped to 76th in the UNs annual world happiness rankings.
Carrie Lam can help address these issues by employing a people-oriented approach to public finance and properly addressing social issues rather than focusing on GDP, economic development or worrying about her insurance policies…..
Read more at oxfam.org.hk