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Hong Kong looks to attract expat workers
Hong Kong looks to attract expat workers
| Published: | 15 Feb at 12 PM |
The government of Hong Kong is speeding up plans to lure skilled foreign workers as it predicts a massive labour shortage.
The island has one of the most rapidly ageing populations in the world as well as among the lowest birth rates, reports the Daily Telegraph. The government of the former British colony predicts a shortfall of 14,000 workers by 2018, as the expansion of its workforce falls to 0.6 per cent per year. It should be double this rate.
This shortfall of 14,000 is needed just to ensure its existing labour force is maintained, without taking any growth in jobs into account as the economy expands. Matthew Cheung, the labour and welfare secretary, said that the government has put a host of measures in place to lure and nurture talents and improve the skills of the current workforce in order to make sure there is an adequate manpower supply.
Mr Cheung went on to explain that it is worth noting that the expansion in both manpower supply and requirement is projected to be towards workers who have higher education qualifications. This means educated foreign workers will be more easily able to relocate to Hong Kong, but the city will have a surplus of low-skilled workers.
However, while Hong Kong is aiming to attract professionals from abroad, it is facing tough competition from cities like Tokyo, Shanghai and Singapore. In addition, there are the challenges of high home prices, pollution and difficulties finding schools for expatriate children – all three of which are reasons why foreign professionals opt not to move to Hong Kong.
The island has one of the most rapidly ageing populations in the world as well as among the lowest birth rates, reports the Daily Telegraph. The government of the former British colony predicts a shortfall of 14,000 workers by 2018, as the expansion of its workforce falls to 0.6 per cent per year. It should be double this rate.
This shortfall of 14,000 is needed just to ensure its existing labour force is maintained, without taking any growth in jobs into account as the economy expands. Matthew Cheung, the labour and welfare secretary, said that the government has put a host of measures in place to lure and nurture talents and improve the skills of the current workforce in order to make sure there is an adequate manpower supply.
Mr Cheung went on to explain that it is worth noting that the expansion in both manpower supply and requirement is projected to be towards workers who have higher education qualifications. This means educated foreign workers will be more easily able to relocate to Hong Kong, but the city will have a surplus of low-skilled workers.
However, while Hong Kong is aiming to attract professionals from abroad, it is facing tough competition from cities like Tokyo, Shanghai and Singapore. In addition, there are the challenges of high home prices, pollution and difficulties finding schools for expatriate children – all three of which are reasons why foreign professionals opt not to move to Hong Kong.
