business / news / / The Straits Times
HSBC Holdings is reviewing a long-standing perk that covers school fees for a swath of bankers in Hong Kong.
HSBC is considering eliminating or adjusting school fee subsidies for Hong Kong bankers.
KEY POINTS
- This benefit covers up to HK$300,000 per child yearly and is unique to Hong Kong staff.
- The school fee subsidy costs HSBC tens of millions of dollars annually and causes internal tensions.
- HSBC’s review of this perk is part of a broader global standardization and cost-cutting initiative.
- The subsidy is not available to employees of Hang Seng Bank, an HSBC subsidiary in Hong Kong.
COMPANIES
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