Unemployment benefit

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  1. #1

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    Unemployment benefit

    Hi,

    I have moved last year in May-2007 from Singapore to Hong Kong (more than 2.5 years) and working in invetsment banking in IT. This year so far has been good, but if the markets falling again, then I fear that the job cuts will start again. I want to know few facts as I am still new in Hong Kong.

    1. I want to know what kind of unemployment benefits does foreign nationals (Non-PR holders) can claim in Hong Kong if they are made redundant in their Job?

    2. Also, what's the normal severance package does employers offer in Japan? Is it negotiable or the employers force the employees to agree the package whtever beong offered.

    3. Does the HK laws favour employees or employers because in some countries it favours the employees.

    4. Is there any unemployment insurance schemes in Hong Kong?

    Last edited by despo; 30-11-2009 at 06:37 PM. Reason: typo mistakes

  2. #2

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    1. If you are not a Permanent Resident then none (assuming you mean from the state). You may remain in HK until the expiry date of your visa, but you must leave when it expires.

    2. In Japan I have no idea. In Hong Kong, details here: http://www.labour.gov.hk/eng/public/...seGuide/10.pdf. If you've been employed less than 2 years then the answer is none at all as a legal right, so anything your employer offers you is a bonus.

    3. Employers, generally. See the link above and the adjacent chapters for more details of HK legislation.

    4. Sure, but like any insurance, on average you will pay in more than you get out.

    Last edited by PDLM; 30-11-2009 at 06:40 PM.

  3. #3

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    Mostly if you get laid off in HK you get 2 weeks notice. If you are lucky. If you are a 'pat with an international company your contract should cover termination conditions. And anyway they would mostly follow the conditions that are appropriate for your country of domicile (if that's where your contract is held). I note from friends in the banking industry that if you lose your job you are out th' door on the day on gardening leave for the period of notice applicable.

    Last edited by Load Toad; 30-11-2009 at 06:54 PM.

  4. #4

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    if you are working in the I-bank, definitely you will leave at the spot, they wont even allow you to pack in some cases. there is no such thing of "advance notice" in reality.
    btw, instead of looking for what benefit you will get, why don't you work harder or equip yourself well so at least you are not the first one to get laid?


  5. #5

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    Often in banking there isn't that luxury joljon - it will be a simple case of revenue versus number of heads.


  6. #6

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    And learn to freaking save so if you do get 'terminated' you won't be royally fcuked like a lot of people were last year.


  7. #7

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    just trying to win some time..haha
    anyway, u earn more than most people when in banking, so isnt this kind of "luxury"?


  8. #8

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    Thanks for all the replies.

    What's the normal severance package does employers (Invetsment Banks) offer in HONG KONG? Is it negotiable or the employers force the employees to agree the package whatever being offered OR they just offer the 1 month notice period ONLY?


  9. #9

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    non-negotiable. or you wanna go to your employee now and saying that, "oh i know the business will go down soon and am willing to sacrifice myself for the benefit of the company. could we discuss about my leave package now pls?"

    usually you get more than one month salary unless you are really a crap.


  10. #10

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    I'm quite surprised an investment banker would need unemployment benefit in the first place... aren't they well compensated for their activities?


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