In the wake of the volatility brought by COVID-19, various businesses have been repeatedly required to suspend operation for the sake of epidemic control, resulting in a severe blow to the related businesses and employees. According to the latest statistics release by the HKSAR Government, the unemployment rate stood at 6.1% from June to August 2020, the same as in the May to July 2020 period.
The number of unemployed persons increased by around 5,800 to almost a quarter of a million, doubling that of Q4 last year, amongst which a quarter are employees from the retail, accommodation and food services sectors. Taking the food services sector as an example—its unemployment rate was approximately 14% – 15% in the past four survey periods, much higher than the overall unemployment rate of 6.1%. The underemployment rate of the sector climbed up again from 6.1% in May to July to 8.3% in June to August, with around 20,000 underemployed persons. Paul MP Chan, Financial Secretary, HKSAR Government reflected in his recent blog, “This reflects the tremendous pressure imposed by the epidemic on many sectors as well as the overall economy. Effective control of the epidemic is the pre-requisite for restarting the economy, yet efforts in fighting against the virus and stabilising the economy are equally important.”
He added, “We need to take into consideration both aspects in deliberating related strategies and measures, to address people’s needs on health, family, economy and daily lives. Given the easing situation, some social restriction measures have been adjusted over the past few weeks, such as the slight relaxation in gathering and the seating cap per table in restaurants, extension of business hours for restaurants’ dine-in services, and the reopening of those temporarily suspended premises under certain requirements, such as swimming pools, pubs and karaoke establishments.”
Last week, the Government announced the measures under the third round of the Anti-epidemic Fund and other related anti-epidemic and support measures—accounting for $24 billion in relief. Apart from the procurement of vaccine, the Government will also provide assistance to the sectors and individuals whose income are directly affected by the Government’s anti-epidemic measures or hard-hit by the epidemic.
Paul Arkwright
Publisher
