As the economy in Hong Kong continues to flourish, banking and finance sector is expected to receive huge bonuses this year.

Hang Seng Bank has announced to staff that, depending on the performance of individual employees, the pay rise this year will range from 2% to 12%, up 3 percentage points from last year. As for bonuses, sources reported that Hang Seng Bank would give 3-10 months of basic salary to staff. Some sources revealed that the Bank of China would offer bonuses up to 12 months of salary to staff.

It is reported that since there is a lack of talent in banking and finance industry, employers try to offer huge pay rise and bonuses to retain staff. The amount of bonuses expected to offer is the highest in ten years.

The Hong Kong Banking Employees’ Association commented that it is sensible for banks to increase salaries of staff since the turnover of employees in banks has been rising.