Singapore markets close in 4 hours 16 minutes
  • Straits Times Index

    -29.40 (-0.93%)
  • Nikkei

    -73.00 (-0.19%)
  • Hang Seng

    -60.53 (-0.36%)
  • FTSE 100

    -21.98 (-0.29%)
  • Bitcoin USD

    +4,449.52 (+8.64%)
  • CMC Crypto 200

    0.00 (0.00%)
  • S&P 500

    -19.27 (-0.38%)
  • Dow

    -62.27 (-0.16%)
  • Nasdaq

    -20.55 (-0.13%)
  • Gold

    +4.60 (+0.23%)
  • Crude Oil

    +0.01 (+0.01%)
  • 10-Yr Bond

    +0.0390 (+0.92%)
  • FTSE Bursa Malaysia

    +5.41 (+0.35%)
  • Jakarta Composite Index

    -6.46 (-0.09%)
  • PSE Index

    -41.86 (-0.61%)

JPMorgan hands out cash to Hong Kong staff to boost morale

JPMorgan hands out cash to Hong Kong staff to boost morale. (PHOTO: Simon Jankowski/NurPhoto via Getty Images)
JPMorgan hands out cash to Hong Kong staff to boost morale. (PHOTO: Simon Jankowski/NurPhoto via Getty Images) (NurPhoto via Getty Images)

By Cathy Chan

(Bloomberg) —JPMorgan Chase & Co., the first Wall Street bank to offer a quarantine subsidy in Hong Kong, is now handing out HK$1,800 (US$230) to each of its employees as the city grapples with its largest outbreak of infections during the pandemic.

The cash payment will allow staff to treat themselves and their families to a meal once the current restrictions are lifted, a Hong Kong-based spokeswoman said. She wouldn’t provide the bank’s total headcount in the city.

The city has closed schools, bars and evening dining, and is planning a mass testing drive coupled with a lockdown to gain control of an outbreak that has overwhelmed its health-care system even as most of the world returns to normal. Banks are now facing a potential exodus of expatriate staff who are fed up with the city’s draconian measures, which also include a two-week quarantine for incoming travelers and a potential isolation in government run facilities.

JPMorgan last year was first to announce a reimbursement of US$5,000 to employees to compensate for hotel quarantine stays.

Frustrated and anxious about the government’s handling of Covid-19, some Hong Kongers are looking to flee. A net 71,000 people left the city in February, the biggest outflow since the pandemic began. The city reported a record of more than 55,000 daily new infections on Wednesday.

The bank is also offering 12 working hours off for employees to take vaccinations and earlier increased a reimbursement for technology needed to work at home to US$1,100, the spokeswoman said.

UBS Group AG is providing the ad hoc delivery of medical supplies for colleagues with confirmed or suspected cases, according to a spokesman. The bank also sends fresh fruit, a vitamin cocktail, a rapid test kit and provides a “virtual doctor” service with free delivery of medication.

In April 2020, Citigroup Inc. paid a special bonus of HK$8,000 to employees with annual salary of HK$470,000 or less.


© 2022 Bloomberg L.P.