Global economic uncertainty is having a limited impact on Hong Kong’s employment market, which is buoyed by the development of the Greater Bay Area, government incentives for innovation and technology and the completion of key infrastructure projects. This is according to KPMG, which released its third annual Hong Kong Employment Trends Survey and Salary Outlook this week. Highlights included:
- 72% of respondents working in C-level positions or in human resources said they planned to increase (35%) or maintain (37%) existing headcount
- 37% in financial services and 45% in innovation and technology said they would increase headcount, although the figure last year was higher (46%) for financial services
- 53% of respondents said they would consider working in other GBA cities, with Shenzhen, Macau and Guangzhou being the top three choices
- The top four considerations for respondents to work in these three cities were higher pay (58%), better career and industry prospects (56%), broader work exposure (54%) and travel convenience (52%)
- The top four industries in which respondents thought the GBA development would create more jobs were innovation and technology (46%), financial services (36%), professional services (31%) and trade and logistics (29%)
Recent KPMG analysis found tax incentives to be instrumental in facilitating the free movement of people within the GBA, especially for high-income individuals working within the region. In early 2019 various exemptions from China’s new personal income tax were introduced, allaying Hong Kong residents’ concerns over a reduction in post-tax income when working on the mainland.
Read the full report here.