Revamp Decades-old Wages Protection Fund, Govt Urged
"); jQuery("#212 h3").html("
"); });
2021-07-25 HKT 18:14
Trade unionists on Sunday repeated their calls for the government to review its payments and procedures for the Protection of Wages on Insolvency Fund, saying the fund has not been tweaked in 25 years.
The Federation of Trade Unions says more than a quarter of the applications for for owed wages in the previous financial year had exceeded the payment ceiling of HK$36,000.
The union pointed out that employment trends had evolved over the years, and many people have been freelancing. It said the government should review its mechanism for financial support.
It suggested the threshold for owed wages should be adjusted in line with wage trends and raised to HK$76,000.
The pro-Beijing party added that thresholds for other payments under the fund should also be raised.
It said more than 22 percent of applications for wages in lieu of notice exceeded a ceiling of HK$22,500 and nearly 30 percent of applications for compensation for untaken leave were above the maximum payment value of $10,500.
The FTU said it was unfair that employees, who had laboured hard, were unable to receive what they were fully owed.
How Core Modernisation Is Paving The Way For Invisible Banking
In an era dominated by digital innovation, the banking sector is evolving rapidly to meet the modern consumer’s deman... Read more
ZA Bank Financial Performance Shows Strong Growth, Reduced Losses Last Year
ZA Bank, a virtual bank in Hong Kong, has reported a substantial increase in its financial performance for the past yea... Read more
Elon Musk Impersonated In Suspected Quantum AI Crypto Fraud
The Securities and Futures Commission (SFC) has issued a public warning about suspected fraud involving the entity know... Read more
Why Hong Kong Is Primed For A Crypto ETF Breakthrough
In the dynamic landscape of global finance, Hong Kong has emerged as a frontrunner in innovative exchange-traded funds ... Read more
MixCare Health And Pacific Prime Collaborate On Digital Health Platform
MixCare Health, a Hong Kong-based digital health and wellness platform, has partnered with Pacific Prime, an internatio... Read more
Mox Bank Revenue Triples In 2023 Driven By New Services And Customer Growth
Mox Bank announced that it has tripled its revenue in 2023, driven by an increase in its customer base, deposits, and l... Read more