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HSBC stops tuition benefits for HK new hires
HSBC Bank has decided to cease providing educational allowances to new employees in Hong Kong. Previously, this benefit offered an annual amount of up to HKD 300,000 (approximately USD 38,000). The move aims to cut costs and promote spending efficiency as part of a comprehensive restructuring program led by CEO George Al-Khateri. Currently, existing employees holding managerial positions and above are still eligible to receive this allowance, along with support for employees who have had children this year. The decision comes amid rising costs of international schools in Hong Kong, where tuition at well-known schools exceeds HKD 242,000 annually. The goal is to reduce expenses and improve financial efficiency within the bank.
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