The labour market continued to deteriorate for the second quarter of 2020 as a whole.
The labour market continued to deteriorate for the second quarter of 2020 as a whole. The labour force declined further, by a sharp 2.8% from a year earlier to 3 861 100 in the second quarter of 2020. The seasonally adjusted unemployment rate surged from 4.2% in the first quarter to 6.2% in the second quarter of 2020, surpassing the peak of 5.5% in the aftermath of the global financial crisis to reach the highest in more than 15 years. The underemployment rate rose visibly from 2.1% to 3.7%, the highest in close to 17 years. For updated statistics on the labour force, unemployment rate and underemployment rate, please click here.
Hong Kong is one of the world’s top financial, commercial and services centers, and there are a lot of job opportunities in these sectors. The demand for professionals and talent in many trades is substantial in light of this city’s recent economic and infrastructural developments. Hong Kong is a fascinating business hub offering every convenience for talent and professionals to pursue their career development.
The advantage of Hong Kong also lies on its Low Tax System. The maximum salaries tax rate in Hong Kong is at a minimal rate of 15% and only income derived in Hong Kong is subject to tax. Hong Kong is an ideal destination with earning opportunities for professionals. Salaries for professionals and talent in Hong Kong are at a very competitive level which are above the global average. Besides salaries, the remuneration package for an expatriate working in Hong Kong usually includes other fringe benefits such as performance bonuses, housing allowance, medical benefits, tax subsidy, etc.
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