HSBC cuts back $48,000-per-kid school perk for some Hong Kong bankers
Hundreds of employees have drawn on the perk which costs tens of millions of dollars annually.
HSBC Holdings has ended an extensive education benefit for new hires and senior staff transferring to Hong Kong, scaling back a well-known perk for the city's banking professionals. The decision, announced by chief executive Georges Elhedery, aims to streamline costs amid an ongoing restructuring effort. Existing band-three employees and managing directors currently receiving the benefit will continue to do so.
New recruits and transfers at those levels will no longer qualify. The subsidy, which covers 95% of school fees up to HK$300,000 (S$48,800) annually per child in secondary school, has long been a significant recruitment tool for mid-level and above staff. HSBC's Hong Kong business segment employs over 30,000 staff and generated US$7.8 billion in pretax profit during the first half of the year.
International school fees have surged since the pandemic, adding to the cost burden for expatriate and local families.
Written by urgent.news from Straits Times Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
- US crypto bill stumble sparks call for Hong Kong to seize ‘critical strategic window’ scmp.com
- China, Hong Kong shares gain on tech strength, as investors await Fed brecorder.com
- Gilead reaches HIV PrEP agreements; Hong Kong investigates Cloudbreak IPO endpoints.news
- Hong Kong crypto exchange CoinEx to shut down after 9 years techinasia.com
- HSBC axes $38,000 school fee perk for new Hong Kong bankers ft.com
- Hong Kong unveils first five-year plan to add jobs, homes, align closer to mainland China investing.com
