Prospects are looking up for people who want to relocate and work in historic but vibrant Hong Kong.  Real wages have gone up, although slightly. Unemployment rate is down to 4.3%.  Job vacancies in the city went up by 3.1 percent in the first quarter of 2007 compared to the same period in 2006. 

Jobs in Hong Kong

Out of 90 companies surveyed in the same period, more than half said they expect to hire additional supervisory and clerical employees this year. Improvements in the Hong Kong economic situation have created new jobs and resulted in labor shortages in the finance and trading sectors. However there are signs that these and other jobs are now more likely to be filled by people from Hong Kong and other parts of Asia rather than by expatriates from Western countries. 

Moving to Hong Kong

Hong Kong is a combination of high salaries, low taxes and by far, the highest cost of living in the world.  A three bedroom apartment in expatriate-friendly communities will cost you $US8,600 a month, more than a similar apartment in Tokyo, New York, Moscow, London and Paris. Not too many expatriates bother with the expense of buying and maintaining private cars especially when the public transportation system, from taxis to buses, trains and ferries, provides cheap, efficient and friendly service. You can walk in Hong Kong streets at all hours and not worry too much about your personal safety since the crime rate is quite low. Plus, being a tourist spot, Hong Kong has no shortage of restaurants and other tourist-oriented facilities, activities and sights. Hong Kong is also a shopper’s paradise for both high end imported products and exceptionally cheap buys.

Typical  Job Prospects in Hong Kong

In-demand skills in Hong Kong have shifted from engineering to commerce and services. Hong Kong is now the regional center of many international banks, financial institutions and corporations.  These multinational corporations, particularly investment banks continue to assign foreign nationals to their Hong Kong offices. Many corporations construct and/or operate production facilities in cities like Shanghai but conduct a lot of their business in Hong Kong. However there has been a noticeable decrease in the number of Western expatriates because of Hong Kong’s high cost of living, less attractive compensation packages, and other factors.

On the other end of the scale, a huge chunk of the expatriate community is composed of migrant domestic workers, most of them Filipinos, followed by Indonesians and Thai.  The presence of these domestic workers make it possible for upper and middle class Hong Kong women to work or engage in business outside the home and enjoy a comfortable if not luxurious lifestyle.

Typical salaries and Benefits in Hong Kong

The working week is generally longer (48-50 hours) even for executives. The average annual salary of IT employees is US$52,000. Western employees transferred to Hong Kong were usually given an “ex-pat” package including such benefits as a housing or cost of living allowance, transportation for annual vacations, dental and medical insurance, and the like. However this is becoming the exception rather than the rule, except for the banking industry.

Average monthly salary of supervisory and technical workers ranged from HK$20,745 (data processing supervisor) to HK$13,265 (real estate officer); HK$11,694 for accounting clerks to HK$8,642 for a shop assistant; HK$12,000 for cooks to HK$7,000 for security guards.

Basic Data on Taxes in Hong Kong

An expatriate assigned to the city by his company has to pay a salaries tax on “all income arising in or derived from Hong Kong from an office or employment or any pension.” This includes not only his salary but also benefits such as rent-free housing or subsidies. Income earned outside the city is exempt from salaries tax. If an expatriate has paid the equivalent of salaries tax to another country, s/he is exempted from paying the salaries tax in Hong Kong.

Typical  High Demand Jobs in Hong Kong

2007 marks a stronger demand for IT talents in Hong Kong and the whole of Asia.  Potential employees with relatively advanced skills are receiving many offers from various companies and their average IT annual salaries have reached almost US$52,000 . IT management jobs can fetch almost US$100,000, which is almost double the average salary for a management position. This is 86 percent higher than the overall average salary in the country. 

Immigration and Visa Issues in Hong Kong

Most organizations fill positions from their present employees, “import” overseas staff or recruit staff from Hong Kong. People hired locally must be permanent residents with valid work visas or their dependents. If these options are not possible, ex-pats already in Hong Kong can be hired but this is considered a “last resort.”

Foreigners who want to work in Hong Kong have to secure a Work Permit. Granting the permit usually depends on the applicant’s educational degree; experience considered in short supply in the city; desired salary level (about US$40,000/year is considered reasonable); potential contribution as an employee to Hong Kong;  and the absence of local alternatives. Processing the work permit or visa will take about two months. The applicant also needs a Hong Kong identity card and so do his family members, including children 11 years old and above.

Best Job Locations in Hong Kong

International schools have become a necessity for many well off Hong Kong residents dissatisfied with local schools, specifically with the quality of their English-language teaching. You will be very much in demand if you are a native English-speaking teacher armed with a work visa and a TEFL certificate. The government website is very useful if you want to find the best job possible in the best possible schools. At a Chinese International School, a family paid US$77,000 just to ensure that their child can study in what is considered the premier institution of learning.

A sampling of a compensation package includes the following: 35 basic teaching hours per week; 10 hours office work hours per week; monthly basic salary of HK$ 10,000 per week; 20 paid holidays; HK$1000 transportation allowance per month; free housing (furnished bedroom) or HK$3,500 per month housing allowance; free return air ticket;  private medical coverage, free working visa, etc.

Online Job Sources in Hong Kong

The following are useful sites for people who are thinking of working in Hong Kong.
http://www.gov.hk/
www.discoverhongkong.com
Hong Kong Legal Jobs