HKMA Calls on Financial Sector to Support New Recruitment Scheme

The Financial Industry Recruitment Scheme for Tomorrow scheme aims to create 1,500 full-time jobs in the financial services industry. 

The HKMA (Hong Kong Monetary Authority) has written to authorised institutions and SVF licensees asking for support in a new recruitment scheme for the financial sector.

“To further strengthen Hong Kong’s role as an international financial centre, the continued and abundant supply of a pool of skilled talent is a basic requirement,” the HKMA said.

Recognising that some banks and SVF licensees have considered reducing headcount and freezing hiring initiatives, the HKMA urges institutions to consider supporting the scheme as a step towards the sustainable development of the banking industry.

“When the economy recovers, the demand for talent will resume. It is therefore desirable for the industry to maintain its momentum in building human capacity despite the negative impact of the pandemic situation.”

The ‘Financial Industry Recruitment Scheme for Tomorrow’ (FIRST) scheme – commissioned by the FSTB (Financial Services and the Treasury Bureau) and administrated by the FSDC (Financial Services Development Council) – aims to create 1,500 full-time jobs in the financial services industry.

Under the scheme, regulated financial sector firms will be paid a subsidy of up to HKD 10,000 per month for 12 months for each eligible new hire.

Eligible employers can apply for subsidies for up to 25 new hires or 5 percent of their existing number of employees, whichever is lower.

The government has set aside HKD 180 million for the scheme.

More information is available here.

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