HSBC Hong Kong released a new series of employee benefits enhancements last Friday, effective 1 January 2019. The move is to enable its staff members to seek a better work-life balance and to increase its competitiveness as the employer of choice in Hong Kong.
From 1 January 2019, relatively junior HSBC employees in Hong Kong will see their annual leave increasing from 22 to 24 days. More than 11,000 employees, which are about half of the bank’s Hong Kong workforce, will benefit from this update.
About half of the bank’s workforce in Hong Kong are women who hold dual roles. It is HSBC’s aspiration that they can succeed both at work and at home. Full-time employees can enjoy two more weeks of maternity leave and primary adopter leave, regardless of gender. They will be fully paid during the 16 weeks.
Parents returning from leave can make use of a two-week flexible return policy, where they can work shorter hours while handling family matters.
HSBC also offers other categories of paid leave such as the one-day birthday leave, five-day marriage leave, four-day compassionate leave, two-day volunteer leave and four-day examination leave.
Diana Cesar, chief executive of Hong Kong, HSBC, said: “Employees are our greatest asset. We recognise fostering and building on a culture that helps our people balance their personal and professional commitments will deliver strong benefits for both the bank and our employees. As one of the leading private sector employers in Hong Kong, HSBC is proud to lift the bar through the enhancements announced.”
Current HSBC employees enjoy 18 to 30 days of annual leave, depending on their corporate rank. Under Hong Kong’s employment ordinance, employees are entitled to seven days of annual leave per year of continuous service. A day of leave is accrued for each additional year of employment, up to a maximum of 14 days for nine years of service and above.
Hong Kong is at the heart of HSBC’s business and strategy. HK contributed 50.3% of the adjusted profit before tax of US$2.977 billion in 3Q 2018 earnings of HSBC.