Billionaire Li Ka-shing is giving out HK$5,000 in cash to Secondary Six students in Tin Shui Wai and Island District who will take next year’s Hong Kong Diploma of Secondary Education exams to help ease their financial burden, the Hong Kong Economic Journal reports.
The Li Ka Shing Foundation (LKSF) said the direct and unconditional financial support, amounting to HK$18.5 million, will benefit 3,700 students under its “Decide Well, Spend Wisely” project.
The Hong Kong Council of Social Service and the St. James’ Settlement have been selected as partners to coordinate with schools in the chosen districts for the distribution of the funds, which will start in October.
According to sources at the LKSF, some HK$300 million has been set aside for the “Decide Well, Spend Wisely” project.
The foundation will decide on how the rest of the money will be spent depending on the response to the first initiative.
Workshops and sharing sessions could be held to let students share their experiences on how they make good use of the cash subsidy, the sources said.
The LKSF said the unconditional cash distribution method has been identified as the most cost-efficient in deploying the funds based on the feedback from its previous campaign, “Love HK Your Way!” which was rolled out in 2010.
Students would not need to go through any screening and could receive the cash by means of registration.
As to the choice of beneficiaries, the foundation said Tin Shui Wai and the Island Districts were suggested because they are remote districts.
The HK$5,000 subsidy would translate into a monthly subsidy of about HK$500 across the nine months of the school term, the LKSF said.
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