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JPM to pay upto HK$ 39K for Quarantine Expenses...

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  1. #11

    IMO - great move by the company.

    rkenia852 and qhank like this.

  2. #12

    Wonder if other HK banks will follow suit, one can hope...

    qhank likes this.

  3. #13

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    Quote Originally Posted by mrgoodkat:
    that's $1800 a day, that's plenty for most quarantine hotels. Enough for a deluxe room at the Four Points or the Crowne Plaza
    If these large ibanks are willing to pay this amount of quarantine hotels for these employees, their salaries must be quite high.

    There are many ibank employees earning over HK$2 million a year, so $1,800 per day is not a big deal at all.

  4. #14

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    Quote Originally Posted by binance345:

    There are many ibank employees earning over HK$2 million a year, so $1,800 per day is not a big deal at all.
    Well they did state Exec Director and below, so for most senior people this would not apply. With a few exceptions of high paid Exec Directors this is rather the other way broad based big compensation to more junior staff where take home might be well below hk$1m per year.

  5. #15

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    Quote Originally Posted by binance345:

    There are many ibank employees earning over HK$2 million a year, so $1,800 per day is not a big deal at all.
    4% of 1M ... 2% of 2M ... haven't you seen the bankers fighting each other over 0.05%?!?
    qhank and hongkong7 like this.

  6. #16

    Well for the top senior guys who are not local nationals, chances are that they will have some sort of 'home visit' benefit as part of their packages so it's not really applicable.

    For everyone else, especially those with niche skillsets that are hard to find replacements for in HK, USD5K is nothing compared to, say the headhunter's recruitment fee, or the relocation cost of a replacement from outside HK. It's also good PR that JPM are big on talent retention and they recognise the value of their people. The whole 'company values' thing and all that. They also made mad money in Q3 so it all makes sense.

    qhank likes this.

  7. #17

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    Quote Originally Posted by RobRoy:
    Well they did state Exec Director and below, so for most senior people this would not apply. With a few exceptions of high paid Exec Directors this is rather the other way broad based big compensation to more junior staff where take home might be well below hk$1m per year.
    For executive directors and below, it is not uncommon for them to receive an annual salary of HK$1 million to $2 million.
    qhank and calmathetic9 like this.

  8. #18

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    Quote Originally Posted by binance345:
    For executive directors and below, it is not uncommon for them to receive an annual salary of HK$1 million to $2 million.
    Yes? And its not uncommon working in JP Morgan and making 0.5-1m HKD either. My point is, there are hell of a lot more people in JP Morgan on say 800k per year, than there are people on 1.8m per year. With a more junior salary a 21 day quarantine would be a significant added cost to other travel expenses. I think this is a great move by JP by helping particularly the junior staff. Even for myself with a high salary this would be a very welcome sign if my company decided to do the same.
    shri, Shiojiri Hiro and rathunt like this.

  9. #19

    I do think it's good that finally at least 1 company is putting money where their mouths are and actually 'doing' something about it, rather than the usual 'we value our people, so here's an e-card for your kids this year' that is the norm...

    AliT and muzzdang like this.

  10. #20

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    Quote Originally Posted by RobRoy:
    Yes? And its not uncommon working in JP Morgan and making 0.5-1m HKD either. My point is, there are hell of a lot more people in JP Morgan on say 800k per year, than there are people on 1.8m per year. With a more junior salary a 21 day quarantine would be a significant added cost to other travel expenses. I think this is a great move by JP by helping particularly the junior staff. Even for myself with a high salary this would be a very welcome sign if my company decided to do the same.
    Yes, I agree with you on this point, I missed that this one-off payment can be used for personal travel. This is also a great encouragement to the staff stationed in Hong Kong

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