Opinion

Hong Kong’s recovery from coronavirus and protests depends on employers joining subsidy scheme

City’s largest employers owe it to their employees and the Hong Kong economy as a whole to do whatever they can to ensure their survival

The Employment Support Scheme will give people the confidence they need to continue spending and driving the economic recovery forward

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The Hong Kong flag and that of the Hong Kong stock exchange fly near bronze sculptures of bulls at the Exchange Square in Central on June 2. The return of bull markets and positive consumer sentiment will be crucial to Hong Kong’s economic recovery from its current woes. Photo: Winson Wong

Francis Neoton Cheung is the chairman of Doctoral Exchange, a public policy research collective, and a former member of the Land and Building Advisory Committee.

Published: 10:00pm, 7 Jun 2020Updated: 10:21pm, 7 Jun 2020

Employers across Hong Kong have started applying to the government’s Employment Support Scheme. While some seem determined to make it difficult for large, well-funded businesses to participate, the economic argument is clear: all able and eligible employers should be encouraged to join the scheme as that is best for their employees and Hong Kong’s economy.

The scheme is a cornerstone of the government’s programme to shore up Hong Kong’s economy. It underpins confidence over the coming crucial months with the economy seeking to rebound from the global pandemic and local social unrest.

The scheme aims to free most of Hong Kong’s private-sector employees from the fear of losing their jobs by providing financial support to employers in return for an upfront commitment to maintain headcount over the period of the scheme. The government has earmarked HK$81 billion (US$10.4 billion) for the scheme.