HSBC's High-End Perk Under Fire: Bank Considers Scrapping Hong Kong School Fee Benefit In a move that could significantly impact the lives of hundreds of senior staff in Hong Kong, HSBC is reportedly reviewing its lucrative school fee grant, which provides nearly £30,000 per year per child. The perk, which is not available to employees in the bank's other global hubs, has long been a major draw for top talent in the territory. However, as part of a broader overhaul of the bank under new CEO Georges Elhedery, HSBC is considering whether to scrap the benefit for new hires or make significant changes to the total compensation package. The decision, which has yet to be made, could have far-reaching implications for the bank's hiring and retention strategies in Hong Kong.
Hundreds of senior staff in territory benefit from nearly £30,000-a-year grant per child not available to staff in group’s other hubsBusiness live – latest updatesHSBC is reportedly reviewing a perk that covers school fees for bankers in Hong Kong as part of a big overhaul of the bank under chief executive Georges Elhedery.Europe’s largest bank is considering whether to scrap the perk for new employees or make changes to total compensation, Bloomberg News reported. No decisions have been made yet. Continue reading...
