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Hong Kong’s SFC faces staff shortages, increases budget to compete with financial firms
- Regulator lost 12 per cent of its staff last year, compared with 5.1 per cent in 2020, chairman says
- Commission sets aside more money to compete with private sector and for 4.5 pay rise to current staff
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Hong Kong regulator Securities and Futures Commission (SFC) is finding it difficult to recruit new hires because of the city’s tough quarantine rules, even as it loses talent to emigration.
The commission lost 12 per cent of its staff last year, compared with 5.1 per cent in 2020, Tim Lui, its chairman, told a regular monthly financial affairs meeting at the Legislative Council on Monday. The most serious shortages were in junior professional staffing, which was down 25 per cent, he said.
“This been compounded by the limited ability to import talent from outside Hong Kong,” the SFC said in a document presented before lawmakers.
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The commission is not alone – in recent months, local banks too have complained about staff shortages. Financial firms said stringent quarantine and travel rules that are part of Hong Kong’s relentless pursuit of a “zero-Covid” policy had deterred visitors and cut off their supply of skilled labour.
From 21-day quarantines to school breaks and lockdowns, the Hong Kong government’s zero-Covid rules had also begun to grind down many expatriate staff after two years, they added.
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“The competition for financial talent is keen, which is why we have to set aside more money to compete with the private sector, and to give a 4.5 pay rise to the current staff,” Lui said on Monday. The SFC plans to increase its staff cost by HK$140.5 million (US$18 million), or 9.5 per cent year on year rise, with total costs amounting to HK$1.6 billion for the 12 months starting from April.
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