The Hong Kong government is stepping up plans to attract talented foreign workers to the island as it predicts a huge labour shortage.
The former British colony has one of the world’s most rapidly ageing populations coupled with one of the lowest birth rates. The Hong Kong government forecasts a shortfall of 14,000 employees by 2018, as the growth of its workforce slows to 0.6 per cent a year. It needs to be double this growth rate. This 14,000 shortfall is needed just to maintain its existing labour force, without taking into account any growth in jobs as the economy expands.
Labour and Welfare Secretary Matthew Cheung said: "The government has put in place a host of measures to attract and nurture talents and upgrade the skills of our workforce in order to ensure an adequate manpower supply. It is noteworthy that the growth in both the manpower requirement and supply is projected to tilt towards workers with higher education qualifications.”
This opens a gap for educated foreign workers to relocate to the city as there will be a surplus of low-skilled workers. But While Hong Kong is hoping to lure professionals from overseas, it is facing stiff competition from cities such as Singapore, Tokyo and Shanghai.
It also faces the triple challenges of pollution, high home prices and difficulties in finding school places for expatriate children, common reasons why foreign professionals choose not to live in Hong Kong.
Mr Cheung added: “Aging population is one of the key population policy issues on which the government has been focusing its efforts. As the retirees leave the labour force, the growth in manpower supply will be hindered.”
About 17 per cent of Hong Kong’s population will be at least 65 years old by 2018, compared with 13 per cent last year, according to its Census and Statistics Department.
Raymond So, dean at the business school of the Hang Seng Management College in Hong Kong, said: “Some international companies may opt for Singapore over Hong Kong because of pollution and education concerns, but Hong Kong still has an edge in its proximity to China.”
Demand for professionals in the financial services industry is expected to increase 2.5 per cent to 253,100 by 2018. The number of workers needed in the manufacturing sector however may drop 3.1 per cent, according to a government report.
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