The government is planning to give companies up to HK$18,000 per month for every fresh local graduate they recruit to work in the Greater Bay Area (GBA).
Chief Executive Carrie Lam announced the HK$430 million ‘Greater Bay Area Youth Employment Scheme’ during her Policy Address on Wednesday, and sources later gave more details.
They say of 2,000 total subsidised positions, 400 will be in the innovation and technology sectors.
Participating firms must have operations both here in Hong Kong and across the border, and IT talent must be paid a minimum of HK$26,000 a month.
The government would pay for HK$18,000 of that, or just under 70 percent.
The remaining 1,600 positions can be in other fields, and the fresh grads must be paid at least HK$18,000, with the subsidy falling to HK$10,000.
These subsidies would expire after 18 months.
The sources said the scheme will be launched before the end of the year and last three years.
The chief executive said the GBA has huge development potential that can provide career opportunities for Hong Kong young people, especially when the SAR's youth employment rate may remain at double-digit for some time.
"We also hope that our young people can set their sights on our country, seizing the opportunities to study, work and live in the GBA, so as to broaden the scope for realising their dreams," Lam said.
The government will also be earmarking HK$100 million for young people to start their own businesses in the GBA.
Lam said subsidies will be given to 10 NGOs to support 200 or so start-ups, benefitting 4,000 people. The Guangdong government has agreed to support the scheme by providing co-working bases.
Last updated: 2020-11-25 HKT 16:12