HSBC is scrapping an education subsidy programme for newly hired or newly promoted senior executives in Hong Kong. The benefit, which costs tens of millions of dollars annually, provided up to $48,800 per child. The measure comes as the bank seeks to reduce costs and achieve fair treatment for staff.
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Hong Kong coverage focuses on senior bankers facing both the loss of a key perk and potential job losses amid bank restructuring.
It omits the specific dollar amount per child associated with the education allowance.
Singapore coverage highlights the financial value of the perk per child and the tens of millions of dollars it costs HSBC annually.
It mentions less about job security concerns or internal bank rationale regarding fair staff treatment.
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