The overall Comprehensive Social Security Assistance (CSSA) caseload in February showed a drop of 517 cases, representing a decrease of 0.2 per cent compared with that of January, according to the latest CSSA caseload statistic… read more
The Labour Department (LD) today (March 16) reminded members of the public to obtain a proper licence before operating an employment agency (EA), or else they may face prosecution.
The reminder was made after a man was convicted of operating an EA without a valid licence and fined $11,250 at West Kowloon Magistrates’ Courts today.
In November 2019, the Employment Agencies Administration (EAA) of the LD received a complaint against a man from an employer hiring a foreign domestic helper. As the investigation revealed sufficient evidence that the man was operating an unlicensed EA and the complainant was willing to act as prosecution witness, the LD decided to take out prosecution.
All establishments or persons operating a business in Hong Kong for the purpose of obtaining employment for another person or supplying personnel to an employer are governed by Part XII of the Employment Ordinance and the Employment Agency Regulations. Irrespective of the modus operandi or the types of jobs involved, all EAs must obtain a licence issued by the LD before undertaking any EA activities. Except for the EA licence holder or his/her associate, no one shall operate, manage or assist in the management of an EA. Offenders may face prosecution.
The LD reminds EAs to operate in full compliance with the law as well as the Code of Practice for EAs at all times. Failure to do so may lead to prosecution and/or revocation of licence. The Employment (Amendment) Ordinance 2018, which came into force on February 9, 2018, raised the maximum penalty for unlicensed operation of an EA and overcharging of job-seekers’ commissions to a fine of $350,000 and imprisonment for three years.
For enquiries or complaints about unlicensed operation or overcharging of commissions by EAs, please call the EAA of the LD at 2115 3667 or visit its office at Unit 906, 9/F, One Mong Kok Road Commercial Centre, 1 Mong Kok Road, Kowloon. read more
The Census and Statistics Department (C&SD) released today (March 16) the preliminary statistics on Hong Kong’s Gross National Income (GNI) and related figures for the fourth quarter of 2020 and the whole year of 2020.
Hong Kong’s GNI, which denotes the total income earned by Hong Kong residents from engaging in various economic activities, decreased by 3.8% in the fourth quarter of 2020 from a year earlier to $740.5 billion at current market prices. The Gross Domestic Product (GDP), estimated at $713.7 billion at current market prices in the same quarter, recorded a 4.1% decrease over the same period. The value of GNI was larger than GDP by $26.8 billion in the fourth quarter of 2020, which was equivalent to 3.8% of GDP in that quarter, mainly attributable to a net inflow of investment income.
After netting out the effect of price changes over the same period, Hong Kong’s GNI decreased by 3.6% in real terms in the fourth quarter of 2020 from a year earlier. The corresponding GDP in the same quarter decreased by 3.0% in real terms.
Hong Kong’s total inflow of primary income, which mainly comprises investment income, estimated at $348.4 billion in the fourth quarter of 2020 and equivalent to 48.8% of GDP in that quarter, recorded a decrease of 8.4% from a year earlier. Meanwhile, total primary income outflow, estimated at $321.6 billion in the fourth quarter of 2020 and equivalent to 45.1% of GDP in that quarter, decreased by 9.3% from a year earlier.
As for the major components of investment income inflow, direct investment income (DII) decreased by 0.6% from a year earlier, mainly due to the decrease in earnings of some prominent local enterprises from their direct investment abroad. Portfolio investment income (PII) recorded a decrease of 8.1% from a year earlier, mainly attributable to the decrease in interest income received by resident investors from their holdings of non-resident debt securities.
Regarding the major components of investment income outflow, DII decreased by 3.3% from a year earlier, mainly due to the decrease in earnings of some prominent multinational enterprises from their direct investment in Hong Kong. PII decreased by 14.3%, mainly attributable to the decrease in interest payout to non-resident investors from their holdings of resident debt securities.
Analysed by country/territory, the mainland of China continued to be the largest source of Hong Kong’s total primary income inflow in the fourth quarter of 2020, accounting for 48.4%. This was followed by the British Virgin Islands (BVI), with a share of 21.3%. Regarding total primary income outflow, the mainland of China and the BVI remained the most important destinations in the fourth quarter of 2020, accounting for 24.9% and 21.6% respectively.
For 2020 as a whole, Hong Kong’s GNI decreased by 5.0% from a year earlier to $2,859.2 billion at current market prices. The difference of $148.4 billion from GDP for the same year (estimated at $2,710.7 billion) represented a net primary income inflow of the same amount and was equivalent to 5.5% of GDP in that year. The total primary income inflow was estimated at $1,538.7 billion, or 56.8% of GDP in 2020 while the corresponding outflow at $1,390.2 billion, or 51.3% of GDP in 2020. After netting out the effect of price changes, Hong Kong’s GNI decreased by 5.8% in real terms in 2020 from 2019.
Further Information
GDP and GNI are closely related indicators for measuring economic performance. GDP is a measure of the total value of production of all resident producing units of an economy. GNI denotes the total income earned by residents of an economy from engaging in various economic activities, irrespective of whether the economic activities are carried out within the economic territory of the economy or outside.
Figures of GNI and primary income flows analysed by income component from the first quarter of 2019 to the fourth quarter of 2020 are presented in Table A, while selected major country/territory breakdowns of primary income inflow and outflow for the same quarters are presented in Tables B(1) and B(2) respectively.
Statistics on GDP and GNI from 2019 onwards and primary income flows for 2020 are subject to revision when more data become available.
Enquiries about GNI and related statistics may be directed to the Balance of Payments Branch (2) of the C&SD at 3903 7054. read more
According to the latest labour force statistics (i.e. provisional figures for December 2020 – February 2021) released today (March 16) by the Census and Statistics Department (C&SD), the seasonally adjusted unemployment rate increased from 7.0% in November 2020 – January 2021 to 7.2% in December 2020 – February 2021. The underemployment rate also increased from 3.8% in November 2020 – January 2021 to 4.0% in December 2020 – February 2021.
Comparing December 2020 – February 2021 with November 2020 – January 2021, the unemployment rate (not seasonally adjusted) increased across almost all the major economic sectors, with more distinct increases observed in the import and export trade sector; postal and courier activities sector; education sector; and arts, entertainment and recreation sector. As to the underemployment rate, increases were mainly seen in the retail sector; food and beverage service activities sector; and arts, entertainment and recreation sector.
Total employment decreased by around 20 500 from 3 630 600 in November 2020 – January 2021 to 3 610 100 in December 2020 – February 2021. Over the same period, the labour force also decreased by around 12 300 from 3 884 000 to 3 871 700.
The number of unemployed persons (not seasonally adjusted) increased by around 8 300 from 253 300 in November 2020 – January 2021 to 261 600 in December 2020 – February 2021. Over the same period, the number of underemployed persons also increased by around 6 400 from 148 200 to 154 600.
Commentary
Commenting on the latest unemployment figures, the Secretary for Labour and Welfare, Dr Law Chi-kwong, said, “The labour market remained under notable pressure in December 2020 – February 2021. However, the situation tended to stabilise in the latter part of the three-month period alongside the improvement in epidemic situation. The unemployment rate (not seasonally adjusted) rose by 0.3 percentage point over November 2020 – January 2021 to 6.8% in December 2020 – February 2021, and after seasonal adjustment it rose by 0.2 percentage point to 7.2%. Both are the highest since 2004. The underemployment rate also increased by 0.2 percentage point to a post-SARS high of 4.0%. Meanwhile, total employment fell by 0.6% from the preceding three-month period to 3 610 100, and the number of unemployed persons increased by 3.3% to 261 600.
“Analysed by sector, the unemployment rate of the consumption- and tourism-related sectors (viz. retail, accommodation and food services sectors) combined stayed elevated at 11.1% in December 2020 – February 2021, but it was 0.2 percentage point lower than November 2020 – January 2021. Among these sectors, the unemployment rate for food and beverage service activities declined from 14.7% to 14.1%, while that of the retail sector rose from 8.9% to 9.1%. The unemployment situation in most other sectors deteriorated, particularly in import and export trade; postal and courier activities; education; and arts, entertainment and recreation.”
Looking ahead, Dr Law said, “The labour market will still face challenges in the near term as the epidemic has yet to be fully contained and inbound tourism remains frozen. With the launch of the COVID-19 Vaccination Programme, the threat of the epidemic may gradually recede and this will help ease the pressure on the labour market later in the year. The Government will continue to monitor the situation closely.”
He noted that the Youth Employment and Training Programme of the Labour Department (LD) continues to implement the employment project Career Kick-start which targets at young people with special needs in the 2020/21 programme year. Participating non-governmental organisations will receive subsidy from the Government in offering 12-month on-the-job training to the trainees with a view to enhancing their employability. In order to allow more young people in need to benefit from the project, the eligibility criteria of prolonged unemployment has been relaxed in this new phase. Furthermore, the Greater Bay Area Youth Employment Scheme has been launched, providing 2 000 on-the-job training places for university graduates.
On large-scale job fairs, the LD will organise the Greater Bay Area Youth Employment Scheme Job Expo on March 23 and 24, 2021 at the MacPherson Stadium with a virtual job fair launched in parallel. Over 30 employers participating in the Greater Bay Area Youth Employment Scheme will participate. Meanwhile, the LD continues to receive and release information on vacancies from various industries. In February 2021, the LD recorded a total of 56 227 vacancies from the private sector, representing an increase of 28.2% over the figure in January 2021 and a year-on-year increase of 57.1%. Job-seekers may make use of the LD’s online platforms such as the Interactive Employment Service website for obtaining such vacancy information.
Further information
The unemployment and underemployment statistics were compiled from the findings of the continuous General Household Survey.
The survey for December 2020 – February 2021 covered a sample of some 26 000 households or 74 000 persons, selected in accordance with a scientifically designed sampling scheme to represent the population of Hong Kong. Labour force statistics compiled from this sample represented the situation in the moving three-month period of December 2020 to February 2021.
Data on labour force characteristics were obtained from the survey by interviewing each member aged 15 or over in the sampled households.
In the survey, the definitions used in measuring unemployment and underemployment follow closely those recommended by the International Labour Organization.
Statistical tables on the latest labour force statistics can be downloaded at the website of the C&SD (www.censtatd.gov.hk/hkstat/sub/sp200.jsp?productCode=D5250021). More detailed analysis of the labour force characteristics is given in the “Quarterly Report on General Household Survey” which is published four times a year. The latest issue of the publication contains statistics for the quarter October – December 2020 while the next issue covering the quarter January – March 2021 will be available by end May 2021. Users can also download this publication at the website of the C&SD (www.censtatd.gov.hk/hkstat/sub/sp200.jsp?productCode=B1050001).
For enquiries about labour force statistics, please contact the Household Statistics Analysis Section of the C&SD (Tel: 2887 5508 or email: ghs@censtatd.gov.hk). read more
The following is issued on behalf of the Hong Kong Monetary Authority:
Exchange Fund Bills tender results:
| Tender date | : | March 16, 2021 |
| Paper on offer | : | EF Bills |
| Issue number | : | Q2111 |
| Issue date | : | March 17, 2021 |
| Maturity date | : | June 16, 2021 |
| Amount applied | : | HK$137,005 MN |
| Amount allotted | : | HK$44,347 MN |
| Average yield accepted | : | 0.03 PCT |
| Highest yield accepted | : | 0.04 PCT |
| Pro rata ratio* | : | About 13 PCT |
| Average tender yield | : | 0.06 PCT |
| **************************** | ||
| Tender date | : | March 16, 2021 |
| Paper on offer | : | EF Bills |
| Issue number | : | H2140 |
| Issue date | : | March 17, 2021 |
| Maturity date | : | September 15, 2021 |
| Amount applied | : | HK$58,635 MN |
| Amount allotted | : | HK$11,000 MN |
| Average yield accepted | : | 0.06 PCT |
| Highest yield accepted | : | 0.06 PCT |
| Pro rata ratio* | : | About 53 PCT |
| Average tender yield | : | 0.08 PCT |
| **************************** | ||
| Tender date | : | March 16, 2021 |
| Paper on offer | : | EF Bills |
| Issue number | : | Y2187 |
| Issue date | : | March 17, 2021 |
| Maturity date | : | March 16, 2022 |
| Amount applied | : | HK$21,110 MN |
| Amount allotted | : | HK$1,300 MN |
| Average yield accepted | : | 0.08 PCT |
| Highest yield accepted | : | 0.08 PCT |
| Pro rata ratio* | : | About 28 PCT |
| Average tender yield | : | 0.10 PCT |
| Tender date | : | March 23, 2021 |
| Paper on offer | : | EF Bills |
| Issue number | : | Q2112 |
| Issue date | : | March 24, 2021 |
| Maturity date | : | June 23, 2021 |
| Tenor | : | 91 Days |
| Amount on offer | : | HK$44,227 MN |
| **************************** | ||
| Tender date | : | March 23, 2021 |
| Paper on offer | : | EF Bills |
| Issue number | : | H2141 |
| Issue date | : | March 24, 2021 |
| Maturity date | : | September 23, 2021 |
| Tenor | : | 183 Days |
| Amount on offer | : | HK$11,000 MN |