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Article: Hong Kong jobless rate dips slightly to 6.1 per cent but experts…
Article: Hong Kong jobless rate dips slightly to 6.1 per cent but experts say worst not yet over
CHANGE
Caused by
Covid-19
HK's past social unrest (protests)
China-US tensions
Unemployment
Between May and July, total employment increased by around 16,600 to 3.63 million while 1,800 more people were out of work, taking the total to 242,500
CEO of HKGCC says that without the government’s HK$81 billion subsidy scheme, the unemployment rate could have shot up to more than 8 per cent
Food and beverage industries were hit the hardest (at 14.6%), followed by the construction sector (11.3%). Unemployment in the tourist sectors also reached 10.8%
Even part-time jobs are also extremely difficult to find during the outbreak
SYSTEMS
Social distancing
These new systems are likely to last a long time, so companies are recommended to adjust and adapt to these new circumstances in order to better maintain their work
The implementation of social distancing of course also means change in people's lifestyles and worklife.
Lockdown
limiting public gatherings to 2 people
Restaurant dine-in bans from 6pm-5am
Financial aid from government
About 1.9 million employees, or half of the working population, were subsidised by HK$23,000 on average per person from the June-August period
Financial aid comes from a HKD$81 billion six-month wage subsidy plan known as the Employment Support Scheme
Wellbeing
The people's wellbeing concerns are the cause of change and systems
Recent surges in infected cases both worldwide and locally have further clouded Hong Kong’s economic outlook for the rest of the year
Hong Kong returned to near total lockdown mode in early July because of a third wave of Covid-19 infections (more issues for the economy as well as even more severe unemployment)
Sustainability
A balance between controlling social activities and relaunching the economy is needed, as fiscal support is neither an ideal nor sustainable solution
New waves of the coronavirus are causing severe disruptions in the economy, making it unstable