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Hong Kong Plans Standard Work Week and Overtime Pay

Hong Kong, along the lines of developed economies like Singapore and UK plans to implement a standard work week of 40-48 hours and an overtime pay of 50% of pay over and above normal pay.

Dec. 26, 2012 - PRLog -- The Hong Kong Labor Department stated in favor of the legislation that workers’ work hours are averaging 47 hours per week and 23 % of the workforce is working overtime. Only marginally more than 50% of the workers received overtime compensation.

However, industry leaders have advised against the move suggesting Hong Kong should not be following other nations with such standard work hour legislation, arguing different economies work on different models.

Critics have also warned that Hong Kong may suffer if the services are transferred overseas due to the rise in operational costs, as happened in South Korea when it introduced standard working hours.

The latest move may increase the operational cost for corporations working in Hong Kong, especially for the finance and services industry. For more information about Hong Kong’s employment laws or doing business in Hong Kong please call or email us.

For more information on this topic email media@nair-co.com

Get the latest press releases and updates on international tax, HR, Finance, compliance and other legal news at Nair & Co. Industry Alerts (http://www.nair-co.com/newsandannoucement.aspx).

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Source:Nair & Co.
Location:Sunnyvale - California - United States
Tags:PR, Press Release, International Expansion, Transfer Pricing Audit, International Accounting

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