Perspectives on Labor and Welfare Concerns within the Financial Services Sector
Release Date: 2023-05-01
May 1, 2023
Dear Secretary Mr. Chris Sun,
Hong Kong has long been a leading international financial center, and the financial industry has been thriving due to the sector's constant pursuit of excellence and diversified development. As a trade union for the financial services industry, our association is dedicated to fighting for and safeguarding the rights and interests of employees in the industry. Recently, we have received feedback from our members, hoping that our association can understand the current work environment of financial services practitioners, as well as the government's efforts in protecting the rights and interests of the industry. To this end, our association conducted a questionnaire survey in the industry in April, and we are now submitting the survey results for your reference (see attachment).
The questionnaire survey received a total of 109 responses, with the questions and responses as follows:
Question 1:
Do you think the government's labor and welfare policies have overlooked the employment and welfare rights and interests of local people in industries such as securities, futures, and asset management?
a: Yes (82.6%)
b: No (5.5%)
c: Unclear/No opinion (11.9%)
Question 2:
Do you think there are differences in compensation and promotion opportunities between local and non-local people in the industry?
a: Yes (61.5%)
b: No (13.8%)
c: Unclear/No opinion (24.8%)
Question 3:
Do you think the Hong Kong SAR government should reference the Singapore government and formulate more policies to protect the employment opportunities of local people?
a: Yes (88.1%)
b: No (5.5%)
c: Unclear/No opinion (6.4%)
Question 4:
Do you think the Hong Kong SAR government should reference the license guidelines of the Monetary Authority of Singapore, including:
1. At least 2 directors, with at least 1 being a Singapore resident;
2. The CEO must have at least 10 years of experience and be a Singapore resident;
3. For each regulated activity, there must be at least 2 full-time employees who are Singapore residents, and each individual must be appointed under the Singapore Securities and Futures Act.
a: Yes (67.9%)
b: No (8.3%)
c: Unclear/No opinion (23.9%)
Question 5:
Do you think that before introducing the "Top Talent Pass Scheme" in Hong Kong, the Hong Kong SAR government should formulate a clearer policy to retain local talent?
a: Yes (87.2%)
b: No (6.4%)
c: Unclear/No opinion (6.4%)
Question 6:
Are you concerned about the "Top Talent Pass Scheme" introducing foreign talent?
a: Yes (63.3%)
b: No (25.7%)
c: Unclear/No opinion (11%)
Question 7:
Do you think the "Top Talent Pass Scheme" applicants should be subject to a policy of diversifying the source countries?
a: Yes (78%)
b: No (3.7%)
c: Unclear/No opinion (18.3%)
Question 8:
Do you think there should be a cap on the number of applicants for each occupation under the "Top Talent Pass Scheme"?
a: Yes (86.2%)
b: No (8.3%)
c: Unclear/No opinion (5.5%)
Question 9:
The Financial Secretary mentioned in this year's budget that he would explore arrangements for the market to continue operating in adverse weather conditions. What are your thoughts on this?
a: Agree (15.6%)
b: Disagree (77.1%)
c: Unclear/No opinion (7.3%)
Additionally, our association has also noticed that the labor policies for the financial services industry have long been insufficiently emphasized by the government. With the assistance of Legco labor sector representative Mr. Kwok Wai-Keung Aaron, I and a group of executive committee members met with the Under Secretary for Labor and Welfare, Mr. Ho Kai-Ming, on April 3, 2023, to express our association's views on labor and welfare issues in the financial services industry, as well as the government's research on allowing the market to continue operating in adverse weather conditions as proposed in the Budget.
Coinciding with today's Labor Day, our association hopes to express our demands to the Bureau through this letter, wishing the government to attach greater importance to labor policies for the financial services industry. At the same time, this letter is also copied to the Financial Services and the Treasury Bureau as well as the Securities and Futures Commission, hoping that the various departments will work closely with the Labor and Welfare Bureau to jointly safeguard the interests of local practitioners.
Our association is sincerely grateful for your attention. If you have any questions or need further understanding, please feel free to contact me (telephone: / email: @hksfpa.org) or the Director of Members and Youth Affairs Department , Mr. Hui Yau-Wing (telephone: / email: @hksfpa.org) at any time.
Wish you good health.
Yours sincerely,
Mofiz Chan
Chairman
Hong Kong Securities and Futures Professionals Association
Copies sent to:
Mr. Christopher Hui, Secretary for Financial Services and the Treasury
Mr. Joseph Chan, Under Secretary for Financial Services and the Treasury
Mr. Ho Kai-Ming, Under Secretary for Labor and Welfare
Ms. Julia Leung, Chief Executive Officer, Securities and Futures Commission
Equal Opportunities Commission
Mr. Kwok Wai-Keung Aaron, Legco Labor Sector Representative
Dear Secretary Mr. Chris Sun,
Hong Kong has long been a leading international financial center, and the financial industry has been thriving due to the sector's constant pursuit of excellence and diversified development. As a trade union for the financial services industry, our association is dedicated to fighting for and safeguarding the rights and interests of employees in the industry. Recently, we have received feedback from our members, hoping that our association can understand the current work environment of financial services practitioners, as well as the government's efforts in protecting the rights and interests of the industry. To this end, our association conducted a questionnaire survey in the industry in April, and we are now submitting the survey results for your reference (see attachment).
The questionnaire survey received a total of 109 responses, with the questions and responses as follows:
Question 1:
Do you think the government's labor and welfare policies have overlooked the employment and welfare rights and interests of local people in industries such as securities, futures, and asset management?
a: Yes (82.6%)
b: No (5.5%)
c: Unclear/No opinion (11.9%)
Question 2:
Do you think there are differences in compensation and promotion opportunities between local and non-local people in the industry?
a: Yes (61.5%)
b: No (13.8%)
c: Unclear/No opinion (24.8%)
Question 3:
Do you think the Hong Kong SAR government should reference the Singapore government and formulate more policies to protect the employment opportunities of local people?
a: Yes (88.1%)
b: No (5.5%)
c: Unclear/No opinion (6.4%)
Question 4:
Do you think the Hong Kong SAR government should reference the license guidelines of the Monetary Authority of Singapore, including:
1. At least 2 directors, with at least 1 being a Singapore resident;
2. The CEO must have at least 10 years of experience and be a Singapore resident;
3. For each regulated activity, there must be at least 2 full-time employees who are Singapore residents, and each individual must be appointed under the Singapore Securities and Futures Act.
a: Yes (67.9%)
b: No (8.3%)
c: Unclear/No opinion (23.9%)
Question 5:
Do you think that before introducing the "Top Talent Pass Scheme" in Hong Kong, the Hong Kong SAR government should formulate a clearer policy to retain local talent?
a: Yes (87.2%)
b: No (6.4%)
c: Unclear/No opinion (6.4%)
Question 6:
Are you concerned about the "Top Talent Pass Scheme" introducing foreign talent?
a: Yes (63.3%)
b: No (25.7%)
c: Unclear/No opinion (11%)
Question 7:
Do you think the "Top Talent Pass Scheme" applicants should be subject to a policy of diversifying the source countries?
a: Yes (78%)
b: No (3.7%)
c: Unclear/No opinion (18.3%)
Question 8:
Do you think there should be a cap on the number of applicants for each occupation under the "Top Talent Pass Scheme"?
a: Yes (86.2%)
b: No (8.3%)
c: Unclear/No opinion (5.5%)
Question 9:
The Financial Secretary mentioned in this year's budget that he would explore arrangements for the market to continue operating in adverse weather conditions. What are your thoughts on this?
a: Agree (15.6%)
b: Disagree (77.1%)
c: Unclear/No opinion (7.3%)
Additionally, our association has also noticed that the labor policies for the financial services industry have long been insufficiently emphasized by the government. With the assistance of Legco labor sector representative Mr. Kwok Wai-Keung Aaron, I and a group of executive committee members met with the Under Secretary for Labor and Welfare, Mr. Ho Kai-Ming, on April 3, 2023, to express our association's views on labor and welfare issues in the financial services industry, as well as the government's research on allowing the market to continue operating in adverse weather conditions as proposed in the Budget.
Coinciding with today's Labor Day, our association hopes to express our demands to the Bureau through this letter, wishing the government to attach greater importance to labor policies for the financial services industry. At the same time, this letter is also copied to the Financial Services and the Treasury Bureau as well as the Securities and Futures Commission, hoping that the various departments will work closely with the Labor and Welfare Bureau to jointly safeguard the interests of local practitioners.
Our association is sincerely grateful for your attention. If you have any questions or need further understanding, please feel free to contact me (telephone: / email: @hksfpa.org) or the Director of Members and Youth Affairs Department , Mr. Hui Yau-Wing (telephone: / email: @hksfpa.org) at any time.
Wish you good health.
Yours sincerely,
Mofiz Chan
Chairman
Hong Kong Securities and Futures Professionals Association
Copies sent to:
Mr. Christopher Hui, Secretary for Financial Services and the Treasury
Mr. Joseph Chan, Under Secretary for Financial Services and the Treasury
Mr. Ho Kai-Ming, Under Secretary for Labor and Welfare
Ms. Julia Leung, Chief Executive Officer, Securities and Futures Commission
Equal Opportunities Commission
Mr. Kwok Wai-Keung Aaron, Legco Labor Sector Representative