Hong Kong has a service-oriented, free-market economy. The country is one of the world’s largest exporters of merchandise trade, ranking 6th place at the World Trade Organization (WTO). This is due to Hong Kong adopting modern British and western business practices, maximizing their trade opportunities with other countries.
Hong Kong : 1
World : 88
Hong Kong : 2
World : 91
Hong Kong : 3
World : 137
Hong Kong : 4
World : 201
Hong Kong : 5
World : 549
Some of the jobs found in Hong Kong and their respective salaries are listed below:
2,570,000
Salaries are paid monthly in Hong Kong. It is due on the last day of the wage period. If the employer fails to release it on the required day, a grace period of 7 days is given after which they are subjected to pay interest on top of the wages.
The National minimum wage in Hong Kong is HKD 37.50 per hour.
There are no laws indicating the overtime rate for employees. However, employers may outline an overtime rate in the employee contract
A 13th month pay is not mandatory for Hong Kong employees. However, most employers in the country pay their employees an extra month each year as a bonus incentive. It is usually released during Lunar New year or at the end of the year.
Below are some benefits that workers in Hong Kong often receives:
Hong Kong has no Sales Tax nor VAT. Their Goods and Services Tax is at 5%.
Contract termination in Hong Kong may be initiated by either the employer or employee. It may take place with adequate notice from the party or through payment in lieu of notice. Notice period and pay in-lieu are dependent on whether the employee is on probation as well as contractual considerations.
The notice period for Hong Kong employees depends on whether they are in their probation period or not. Those under probation period will have up to 30 days of notice period while those outside have up to 3 months.
Below is the calculation for severance pay in Hong Kong:
In Hong Kong, foreign employees are encouraged to work in the country via a special work permit scheme called Employment for Professionals. The work permit is issued for a year and can be renewed.
