One finance company's reimbursement plan covers up to HK$2,000 per day per person
More banks with offices in Hong Kong are offering to shoulder quarantine costs for employees as the city maintains its tight quarantine protocols.
Hong Kong is still trying to pursue its "COVID-zero" strategy, requiring a 21-day compulsory hotel quarantine for most countries that will be shouldered by travellers.
It has been repeatedly urged by a lot of chambers of commerce in the city to ease restrictions, with some even warning that Hong Kong could lost its competitiveness. The president of the American Chamber of Commerce in Hong Kong even resigned last month after failing to appeal to the city government in easing its restrictions, Reuters reported.
To help alleviate the worries of employees, several banks such as the UBS, Goldman Sachs, and Morgan Stanley have informed their employees that they will pay for the cost of quarantine when they return to the city after an overseas trip.
Swiss financial giant UBS said in a memo seen by finews.asia that its reimbursement plan will be up to HK$2,000 ($256) per quarantine day, covering all hotel expenses costs.
It will be available to all full-time Hong Kong-based staff until November 30 next year, and up to HK$42,000 ($5,384) can be availed for a single trip, finews.asia reported.
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Previously, American multinational investment bank Morgan Stanley also offered to compensate up to HK$40,000 ($5,100) for the quarantine costs of employees, Bloomberg reported. Financial News said in a separate report that the reimbursement plan will be until November next year.
Goldman Sachs, another American multinational investment bank, also announced that it is offering a one-time compensation cost of $5,000 for quarantine.
The memo seen by Bloomberg said the company recognises the "additional burden of multiple lockdowns and some of the strictest quarantine measures in the world."
JP Morgan Chase also announced in November that it will be offering up to $5,000 of compensation for the quarantine of returning workers to Hong Kong.
The company's chief executive, Jamie Dimon, recently paid a visit to the city and was exempted from the country's rigorous quarantine policy.
