Those born in 1946 and before are eligible to apply now, though there is a HK$200 bonus if you wait another few months, but the elderly are eagerly filling out forms now because they don't know how much longer they're going to be around.
When people are asked by the media what they're going to do with their cash handout, some say they'll travel, others buy clothes or pay their mortgage or even do the good deed of giving it to charity.
Meanwhile CNNGo has figured out some other creative ways to blow the cash:
1. 66 scoops of white truffle ice cream from Ice-cream Gallery, one of Hong Kong's best cold treats.
2. 200 pints of draught beer from our favorite bar by the Central Pier, The Beer Bay.
3. 461 plates of scrambled eggs from the perennially popular Australia Dairy Company.
4. 3,076 cups of food for victims of famine in the Horn of Africa through the World Food Program.
5. Stay in King's Cube for 60 nights.
6. Kick back in the Peninsula Suite for about 2 hours -- it's one of the world's most expensive.
7. Own a few square centimeters of a luxury apartment at The Masterpiece.
8. Book the Champagne room at hot "digital karaoke" joint Red MR.
9. Be the first to buy the iPhone 5 when it finally comes out, plus about 120 apps.
10. Get double eyelid surgery for one eye at hkfacelift.com