'The labour market should stay tight in the near term,' says labour secretary
Hong Kong's unemployment rate remained at 2.9% in the October to December period following a slight decrease across most major economic sectors, according to the latest data from the census and Statistics Department (C&SD).
Underemployment also remained unchanged at one per cent from the previous September to November period, according to the C&SD.
In terms of underemployment, the department said movements varied in different industry sectors, but the magnitudes were generally not large.
Total employment also went down by around 1,900, while the labour force also dropped by around 8,600 during the October to December period.
Over the same period, the number of unemployed persons decreased byy around 6,700, while the number of underemployed individuals remained around 37,000.
"The labour market should stay tight in the near term. Though the still unfavourable external environment may have some negative effects, the expected further recovery of inbound tourism and private consumption should continue to support labour demand," said Labour and Welfare Secretary Chris Sun in a statement.
Hong Kong's tight labour market
To help expand the pool of available talent, the government previously announced an upcoming subsidy scheme that aims to encourage women and older employees in returning to the workforce.
The effort comes as three in 10 employers gear up for further hiring this 2024, even if 60% said it was already difficult to recruit capable talent.
To lure in more talent, 51% of organisations said they are putting more premium on offering attractive salary, according to the report.
Another 29% said they are promoting work-life balance and fostering good working environment to lure and retain employees.
