JPMorgan hands out cash to Hong Kong staff to boost morale

[HONG KONG] JPMorgan Chase & Co is now handing out HK$1,800 (S$313) to each of its employees in Hong Kong as the city grapples with its largest outbreak of infections during the pandemic, while Goldman Sachs Group is offering allowances to kids stuck at home.

The cash payment will allow staff to treat themselves and their families to a meal once the current restrictions are lifted, a Hong Kong-based JPMorgan spokeswoman said.

Goldman Sachs is offering HK$1,000 a week per kid to employees for extra curricular activities and another HK$1,000 allowance for test kits and masks, a person familiar said. A Hong Kong-based spokesman declined to comment.

The city has closed schools, bars and evening dining, and is planning a mass testing drive coupled with a lockdown to gain control of an outbreak that has overwhelmed its healthcare system even as most of the world returns to normal.

Banks are now facing a potential exodus of expatriate staff who are fed up with the city's draconian measures, which also include a 2-week quarantine for incoming travellers and a potential isolation in government run facilities.

JPMorgan last year was first to announce a reimbursement of US$5,000 to employees to compensate for hotel quarantine stays.

Frustrated and anxious about the government's handling of Covid-19, some Hong Kongers are looking to flee. A net 71,000 people left the city in February, the biggest outflow since the pandemic began. The city reported a record of more than 55,000 daily new infections on Wednesday (Mar 2).

JPMorgan is also offering 12 working hours off for employees to take vaccinations and earlier increased a reimbursement for technology needed to work at home to US$1,100, the spokeswoman said. Goldman is giving 5 additional paid leaves to staff needing to go for mandatory testing or to accompany family members, the person said, after rolling out a similar reimbursement plan on quarantine costs.

UBS Group is providing the ad hoc delivery of medical supplies for colleagues with confirmed or suspected cases, according to a spokesman. The bank also sends fresh fruit, a vitamin cocktail, a rapid test kit and provides a "virtual doctor" service with free delivery of medication.

In April 2020, Citigroup paid a special bonus of HK$8,000 to employees with annual salary of HK$470,000 or less. BLOOMBERG