Global banks in Hong Kong are delivering cash handouts and other goodies in a bid to boost morale over the city’s strict Covid strategy.
J.P. Morgan, Goldman Sachs and UBS have all reportedly handed out various benefits to bankers to help offset the effects of Hong Kong’s unpopular zero-Covid regime, according to a «Bloomberg» report.
J.P. Morgan is providing HK$1,800 to each employee in Hong Kong to treat themselves and their families to a meal after the current restrictions are lifted. Fellow U.S. lender Goldman Sachs is offering HK$1,000 a week per employees’ child for extracurricular activities and an additional HK$1,000 allowance for test kits and masks.
Benefits extend beyond just cash with UBS providing ad-hoc delivery of medical supplies for employees with confirmed or suspected cases as well as fresh fruits, a vitamin cocktail, a rapid test kit and a «virtual doctor» service with free delivery of medication.
Covid Goodies
This isn’t the first time that the financial sector has attempted to use extra benefits to support employees or boost morale through the pandemic.
Last year, J.P. Morgan internally announced that Hong Kong-based executive directors and lower-leveled staff would receive reimbursements of up to $5,000 for quarantine stays when returning from travels with immediate family.
Even the Hong Kong Monetary Authority chipped in to quell the anger of bankers towards the city’s restrictions, with wine and gourmet food sent to quarantine financial workers in December last year and paid personally out of central banking officials' own pockets.
