On Wednesday, 16 October 2024, Chief Executive John Lee Ka-chiu delivered the annual Hong Kong Policy Address, featuring several important announcements. He shares, “This Policy Address will deepen our reforms and explore new growth areas.”
Here are the key highlights for business and HR leaders to note:
- New Scheme to Draw Top-Notch Talent
Under a new initiative, the ‘Quality Migrant Admission Scheme’ (QMAS), the government will actively pursue top-tier talent, positioning Hong Kong as a key destination for global high-calibre professionals.
Starting from 1 November 2024, the General Points Test (GPT) under the Quality Migrant Admission Scheme (QMAS) has been refined to feature a more transparent and objective scoring system, alongside a simplified application and selection process. The updated GPT now uses an assessment questionnaire in place of the previous item-by-item scoring method.
- Top Talent Pass Scheme Adds 13 Universities to Its List
The Top Talent Pass Scheme is set to add 13 universities to its list, bringing the total number to 198 universities. Additionally, the validity period for the first visa granted to high-income talent will be extended from 2 to 3 years.
The newly included universities comprise nine Mainland institutions ranked 11th to 20th on the Shanghai Jiao Tong University Best Chinese Universities Ranking over the past five years, as well as four top-five institutions in ‘Art & Design’ on the QS World University Rankings within the same period. These include the Royal College of Art, University of the Arts London, Parsons School of Design, The New School, and Rhode Island School of Design.
The second initiative under the scheme extends the validity period of the initial visas for Category A applications under the TTPs, specifically for applicants with an annual income of $2.5 million or above in the year prior to application.
- Enhancement of General Employment Policy and the Admission Scheme for Mainland Talents and Professionals
Strengthening the General Employment Policy and the Admission Scheme for Mainland Talents and Professionals by introducing new pathways to attract experienced specialists in critical skilled trades facing severe manpower shortages to Hong Kong will be one of the measures that will be taken. The new arrangement will include a quota system.
- Introduction of the Governance Talent Development Programme
The Civil Service College will launch the Governance Talent Development Programme to enhance leadership governance skills and strengthen its internal research and training capabilities.
In addition, the government will push for digital transformation in public services. Chief Executive Lee announced that the Digital Policy Office (DPO) will strengthen government information systems and pilot a locally developed generative AI application for document processing.
Read also: Labour Law Insider – APAC 2024 Q4 Legislation Update
- International Start-Up Accelerators Encouraged to Set Up Operations in Hong Kong
The government will introduce the I&T Accelerator Pilot Scheme with a funding allocation of HK$180 million, offering a one-to-two matching ratio between the government and institutions, with a maximum subsidy of HK$30 million. The scheme is designed to attract established start-up service providers, both local and international, to set up accelerator hubs in Hong Kong, supporting the strong development of the start-up ecosystem.
Keeping up with the ever-evolving labour laws can be challenging. Partnering with an HR service provider ensures you stay informed and compliant. Links International, a leader in HR outsourcing, offers services such as payroll outsourcing, visa applications, EOR services, outplacement, recruitment, and more. Reach out to us to discover how we can support and enhance your business.
For further information on The Chief Executive’s 2024 Policy Address, please head over to The Hong Kong Special Administrative Region of the People’s Republic of China’s website: https://www.policyaddress.gov.hk/2024/tc/