Hang Seng Bank employees given more annual leave after strong company performance
Many employees will now have three to four more days of holiday per year
More than half of Hang Seng Bank’s staff members in Hong Kong will be offered up to four more days of annual leave from next year, on the back of its strong business performance in the first half of this year.
The bank announced on Wednesday that 4,500 of its 8,000 staff in the city will get three to four more days of annual leave from January next year. By then, the bank will be offering 18 to 30 annual leaves to their Hong Kong staffs.
The move was to enable its staff members to seek a better work-life balance, the bank said, and to increase its competitiveness against other banks.
Lancy Chui, senior vice president of Greater China at human resources firm ManpowerGroup, said companies could find it easier to retain staff and recruit new talent by offering more annual leave days.
“Hong Kong people these days pursue a balance between work and their personal lives. With more annual leave, you can create a sense of loyalty among your staff. You can retain them better,” she said.
“In general, companies in Hong Kong are offering 25 days of annual leave to those in senior positions.”
HSBC, Hang Seng Bank’s parent company , also offers 18 to 30 days of annual leave.
Under Hong Kong’s labour laws, an employee is entitled to seven days’ annual leave with pay after serving every period of 12 months. The entitlement will increase progressively to a maximum statutory requirement of 14 days, according to the employee’s length of service.
Hang Seng Bank also offers other categories of paid leave, including a day of birthday leave; 14 weeks of maternity leave; 10 days of paternity leave; 14 weeks for staff who adopt a child; two days for those who take part in volunteer activities; and four days for employees who take part in any professional examinations.
“With such leave, the employees can spend more time with their children. It is also easier for companies to recruit talent,” Chui said.
Last month, Hang Seng Bank announced that its first half net profit rose 23 per cent to HK$9.84 billion, after lower bad debts and improved market sentiment boosted fee income on stockbroking and fund sales.
The profit is substantially higher than the HK$8 billion recorded in the first half of last year, but still below HK$20 billion in the first half of 2015 when the bank had a one-off gain of HK$10.64 billion from selling most of its stake in China’s Industrial Bank.