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Coronavirus: Hong Kong finance chief warns jobless rate will be worse than after global financial crisis

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Hong Kong government announced that the unemployment rate rose to 5.2% in the three months to April, the highest in more than a decade.

Hong Kong’s latest unemployment rate is expected to be worse than after the global financial crisis more than a decade ago while the number of people without work could soar to the highest in 15 years, the finance chief has warned.

The employment landscape has not been this poor since 2009, when the unemployment rate hit 5.2 per cent in the August to October period. To support businesses and workers, the government has launched the Employment Support Scheme under which the authorities will, via employers, pay 50 per cent of employees’ salaries for six months, with the monthly subsidy for each worker capped at HK$9,000 .

Chan said the coronavirus outbreak was still not under control in some overseas countries and thus Hongkongers would for now be staying put and spending money in the city.

 

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