Business Chamber Opposes Civil Servant Payrise
"); jQuery("#212 h3").html("

"); });
2022-05-26 HKT 13:59
The Hong Kong General Chamber of Commerce on Thursday appealed against the pay rises recommended for civil servants, saying they “do not reflect the current economic climate”.
The government-appointed Pay Trend Survey Committee earlier suggested a pay increase of 2.04 percent for junior civil servants, 4.55 percent for middle-level staff and 7.26 percent for senior government workers, after considering data from the 12 months since April last year.
In a statement, the chamber said the period covered by the survey was when Hong Kong had mostly kept Covid-19 at bay and businesses were optimistic.
The chamber pointed out that thanks to the fifth wave of the coronavirus outbreak, local businesses have gone through strict restrictions and hardship, adding the city’s economy saw a year-on-year contraction of four percent in the first quarter of this year.
It also noted that many businesses were suffering from a brain drain and manpower shortage.
"To be discussing such a scale of pay increases at this time is out of touch with reality," it said in a statement.
"Businesses, especially public bodies, NGOs and SMEs, will be under strong pressure and find it hard to match Government salaries to retain staff," the chamber added.
It urged the government to consider the potential ripple effect from the recommended civil servant pay rise, saying it could add to the sufferings of businesses.
SBI Holdings To Acquire Bitbank In US$289M Crypto Expansion
SBI Holdings has agreed to acquire Japanese crypto exchange Bitbank in a deal valued at approximately US$289 million, w... Read more
4 Ways Hong Kong Banks Fight Financial Crime Using AI, According To HKMA
The Hong Kong Monetary Authority (HKMA) wants banks to use AI in financial crime as a way to counter cyberattacks and s... Read more
Ripple Launches RLUSD Stablecoin In Japan Through SBI Group
Ripple has launched its US dollar-denominated stablecoin, Ripple USD, in the Japanese market. The expansion follows reg... Read more
SBI And Startale Launch Trust Bank-Backed Yen Stablecoin JPYSC In Japan
SBI Group has introduced its trust based stablecoin JPYSC in partnership with Singapore-based fintech company Startale ... Read more
Visa Study: Digital Wallets Lead Greater Bay Area Payment Preferences
Visa has released its latest Consumer Payment Attitudes Study, highlighting how payment seamlessness is linked to a shi... Read more
European And South Korean Banks Form Project Pangea For FX Settlement
Chainlink, South Korean infrastructure provider FairSquareLab, the Unified Korea Alliance (UniKA), and European stablec... Read more
