Latest news with #LabourandWelfareBureau
RTHK
3 days ago
- Business
- RTHK
Over half of top talent seek visa extensions in HK
Over half of top talent seek visa extensions in HK A government spokesperson said people under the Top Talent Pass Scheme contribute approximately 1.2 percent to Hong Kong's GDP. File photo: RTHK More than half of the individuals under the Top Talent Pass Scheme (TTPS), whose visas expired at the end of July, have applied to extend their stay in the city, the government announced on Friday. Since its launch at the end of 2022 till the end of July, the TTPS has welcomed over 90,000 individuals to Hong Kong, granting visas of up to three years, according to the Labour and Welfare Bureau. As of July 31, the bureau reported that the initial visas for 13,678 individuals had expired. From this group, the Immigration Department received extension applications from 7,394 individuals, resulting in an application rate of about 54 percent. Additionally, 2,305 people with visas set to expire within the next three months applied early for extensions. This brought the total number of extension applications received during this period to 9,699. Officials stated that 9,044 applications were processed, with 8,511 approved for an extension of stay - marking an approval rate of about 94 percent. Applications that were not approved were primarily due to incomplete information or applicants failing to provide documents requested by the Immigration Department. Addressing the 46 percent of people who did not seek renewal of their talent visas, Secretary for Labour and Welfare Chris Sun said the renewal application rate aligned with expectations and was better than that of a similar scheme in the UK. "The Top Talent Pass Scheme allows them to test the waters for two years. If it works out, they stay and if not, they leave. Even if they don't stay, they still contributed to Hong Kong by eating and living here, so we don't lose out," he said. The government spokesperson highlighted the significant contributions of these individuals, stating they not only enhance industry competitiveness but also promote knowledge transfer and innovation, further cementing Hong Kong's status as an international financial, trade and innovation and technology hub. Many approved applicants work in key sectors, with about 23 percent in commerce and trade, 19 percent in financial services and 17 percent in innovation and technology. The economic benefits are also substantial, with the spokesperson noting that the purchasing power and tax contributions of these individuals inject significant impetus into Hong Kong's economy. The Labour and Welfare Bureau reported that the median monthly salary of those granted extensions is approximately HK$40,000, with around a quarter earning more than HK$80,000 a month and the top one percent exceeding HK$300,000. The labour chief noted that overall, individuals brought in under the scheme contribute approximately 1.2 percent to Hong Kong's GDP, equating to about HK$34 billion. Beyond filling manpower shortages and driving economic growth, the bureau added that these people inject youth into the local population, with over half of those granted extensions aged 40 or below. Nearly half have applied for dependent visas for spouses and/or children, bringing families whose presence positively impacts education and consumption. It said each applicant brings about 1.7 children to Hong Kong on average, with around 37 percent of these children enrolled in schools in the city. While all approved applicants have jobs in Hong Kong, the bureau noted only about two-thirds currently reside in the city.
RTHK
3 days ago
- Business
- RTHK
Over half of top talent seek visa extensions in HK
Over half of top talent seek visa extensions in HK A government spokesperson said people under the Top Talent Pass Scheme contribute approximately 1.2 percent to Hong Kong's GDP. File photo: RTHK More than half of the individuals under the Top Talent Pass Scheme (TTPS), whose visas expired at the end of July, have applied to extend their stay in the city, the government announced on Friday. Since its launch at the end of 2022 till the end of July, the TTPS has welcomed over 90,000 individuals to Hong Kong, granting visas of up to three years, according to the Labour and Welfare Bureau. As of July 31, the bureau reported that the initial visas for 13,678 individuals had expired. From this group, the Immigration Department received extension applications from 7,394 individuals, resulting in an application rate of about 54 percent. Additionally, 2,305 people with visas set to expire within the next three months applied early for extensions. This brought the total number of extension applications received during this period to 9,699. Officials stated that 9,044 applications were processed, with 8,511 approved for an extension of stay - marking an approval rate of about 94 percent. Applications that were not approved were primarily due to incomplete information or applicants failing to provide documents requested by the Immigration Department. Addressing the 46 percent of people who did not seek renewal of their talent visas, Secretary for Labour and Welfare Chris Sun said the renewal application rate aligned with expectations and was better than that of a similar scheme in the UK. "The Top Talent Pass Scheme allows them to test the waters for two years. If it works out, they stay and if not, they leave. Even if they don't stay, they still contributed to Hong Kong by eating and living here, so we don't lose out," he said. The government spokesperson highlighted the significant contributions of these individuals, stating they not only enhance industry competitiveness but also promote knowledge transfer and innovation, further cementing Hong Kong's status as an international financial, trade and innovation and technology hub. Many approved applicants work in key sectors, with about 23 percent in commerce and trade, 19 percent in financial services and 17 percent in innovation and technology. The economic benefits are also substantial, with the spokesperson noting that the purchasing power and tax contributions of these individuals inject significant impetus into Hong Kong's economy. The Labour and Welfare Bureau reported that the median monthly salary of those granted extensions is approximately HK$40,000, with around a quarter earning more than HK$80,000 a month and the top one percent exceeding HK$300,000. The labour chief noted that overall, individuals brought in under the scheme contribute approximately 1.2 percent to Hong Kong's GDP, equating to about HK$34 billion. Beyond filling manpower shortages and driving economic growth, the bureau added that these people inject youth into the local population, with over half of those granted extensions aged 40 or below. Nearly half have applied for dependent visas for spouses and/or children, bringing families whose presence positively impacts education and consumption. It said each applicant brings about 1.7 children to Hong Kong on average, with around 37 percent of these children enrolled in schools in the city. While all approved applicants have jobs in Hong Kong, the bureau noted only about two-thirds currently reside in the city.
South China Morning Post
09-06-2025
- Politics
- South China Morning Post
Hong Kong moves to curb ‘abuse' of traffic accident compensation
Lawmakers have supported the Hong Kong government's proposal to significantly reduce the number of compensated sick leave days and daily subsidy available to traffic accident victims, claiming that the move will help prevent future abuses of the system. A discussion at a Legislative Council welfare services panel meeting on Monday primarily focused on reviewing the Traffic Accident Victims Assistance Scheme. Administered by the Social Welfare Department, the fund provides financial aid to victims of road traffic accidents or their surviving dependants. Currently, the fund offers five types of grants covering compensation for deaths, burials, support for disability or other injuries, and interim maintenance. According to a legislative paper from the Labour and Welfare Bureau, the government plans to introduce a new compassionate grant by merging the existing injury and interim maintenance grants, as they serve similar purposes. The amounts provided to applicants under the injury and interim maintenance categories are assessed based on the number of sick leave or hospitalisation days claimed by the individual.
HKFP
28-05-2025
- Business
- HKFP
Hong Kong gov't unveils measures to tap into elderly's purchasing power, push ‘silver economy'
Hong Kong authorities have announced a slew of measures to leverage the purchasing power of the city's senior citizens, including spending incentives, insurance products, and re-employment schemes. On Tuesday, the Working Group on Promoting Silver Economy, chaired by Deputy Chief Secretary Warner Cheuk, unveiled 30 measures to boost spending among senior citizens, develop elderly-focused products, enhance financial security, and encourage re-employment. Cheuk said at a press conference on Tuesday that people aged 60 and above spent about HK$342 billion last year, accounting for about 11 per cent of the city's Gross Domestic Product (GDP). 'The elderly account for a large proportion of Hong Kong's population. With favourable financial conditions and purchasing power, they are a huge consumer group that cannot be overlooked, as they create a huge demand for silver economy-related products and services,' he said. Cheuk said the new measures would 'inject vitality into the local economy and promote overall economic development, as well as [spur] the cultivation of high-quality silver products and service modes, so that the elderly can share the fruits of development.' However, the government would not set performance goals for the measures, as they would be outsourced, and their results would be 'rather beyond the control of the administration,' the deputy chief secretary said. He added that it would be 'quite substantial' if the elderly's annual spending could increase by 5 per cent per annum, amounting to a rise of HK$17 billion in the first year. Discounts, insurance, jobs To drive consumption, the retail sector will provide elderly discounts, the catering sector and food manufacturers will offer meals suitable for the elderly, while the Trade Development Council will supply 'silver products' aimed at the needs of senior citizens. The working group also announced measures to promote quality assurance for elderly-focused products through quality standards and accreditation schemes, including elderly-accessible building designs. It also announced financial security arrangements, including cross-boundary elderly care insurance products, strengthened financial planning, and anti-scam education for the elderly. To unleash 'silver productivity,' the government will assist senior citizens to re-enter the workforce through retraining programmes and job fairs. The Labour and Welfare Bureau will also review existing schemes such as the Re-employment Allowance Pilot Scheme and the Employment Programme for the Elderly and Middle-aged 'to further explore measures to encourage the employment of persons aged 60 or above.' The formation of the government working group was listed as one of the policies in Chief Executive John Lee's 2024 Policy Address, in which he cited the 'growing demand for products and services catering to the elderly' due to the rapid expansion of the silver market.
RTHK
01-05-2025
- Business
- RTHK
'Sacking workers not the way to get around MPF tweak'
'Sacking workers not the way to get around MPF tweak' Chris Sun (second from left) believes that with the MPF offsetting mechanism abolished, workers will be able to save up more money for retirement. Photo courtesy of Labour and Welfare Bureau The labour chief on Thursday said employers could lose more than they gain, if they plan on recruiting new workers to replace existing ones just to skimp on future termination payments. Starting on May 1, employers who lay off staff can no longer use the workers' Mandatory Provident fund (MPF) savings to offset severance or long service payments. The so-called offsetting mechanism, which had been in place since the MPF system came into operation in 2000, was abolished under a government bill passed in 2022. On an RTHK radio programme, Chris Sun was asked if employers can save future payments by sacking existing employees and replacing them with new recruits who earn less. "The labour market is quite tight now. Can employers really save money by sacking a worker who is resourceful and familiar with your operations, and employ a new one? I do not dare say so, as it depends on the job market situation," he said. "But think about this: the new worker needs training and takes time to understand the company's operations, so employers may stand to lose more than they gain. "Also, the existing worker's length of service before today can be offset, but not for the new hires. Therefore by doing so, it does no good to the employers." Writing on his Facebook page, Chief Executive John Lee said the scrapping of the offsetting mechanism will benefit more than three million workers in Hong Kong. He added the government is also rolling out a subsidy scheme to help employers shoulder the extra costs brought by the policy change. The scheme, worth over HK$33 billion, will be spread across 25 years. The labour minister explained the figure was only an estimate, and if necessary authorities will seek additional funding to cover the applications.
