Finance firms get subsidy push to hire 200 uni grads

Local | Erin Chan 22 Jul 2021

Authorities will subsidize the creation of 200 new positions in the finance sector for those who graduated from university between 2019 and this year, Secretary for Financial Services Christopher Hui Ching-yu said.

The new scheme, named First Graduates, is part of an upgraded "financial industry recruitment scheme for tomorrow" by the Financial Services Development Council and aims to support the employment of fresh graduates amid the current economic downturn.

Writing on his blog yesterday, Hui said the new positions covered subsectors that included banking, stocks and bonds, insurance, mandatory provident fund, accounting and trust. Under the new scheme, each employer can receive subsidies for creating two new positions, with subsidies for each position capped at HK$10,000 a month for a year.

Online applications for the scheme will begin next Wednesday with details to be announced soon, Hui said.

"When filing applications, employers need to make sure they have employed relevant graduates who have assumed their positions on the day they file applications or before," he said, adding that "they should also make sure that the new positions they create will bring a net increase to the total number of employees of their companies."

Hui said "human capital" is a valuable asset for the SAR's finance sector. "Last year, 276,900 people worked in Hong Kong's finance sector and accounted for 7.6 percent of the city's employed population," he said.

To upgrade human capital in the city's finance sector, authorities have also created various positions in the sector, he said. "This includes the 1,500 positions under the 'financial industry recruitment scheme for tomorrow,' as well as 1,000 positions designated for the financial technology subsector under the 'fintech anti-epidemic scheme for talent development,'" he said.

Hui said the government also launched a "pilot program to enhance talent training for the asset and wealth management sector and insurance sector" in 2016, which offered more than 800 student internships over the past five years. Likewise, he said more than 400 finance-related positions had been offered under the Greater Bay Area Youth Employment Scheme.

"Authorities will actively collaborate with youth organizations in the future, providing youngsters with more financial career-related innovative programs," he said.

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