The Government will allocate $100 million to launch a three-year pilot scheme to increase manpower in the insurance and asset and wealth management services sectors of the financial services industry.
Delivering his 2015-16 Budget today, Financial Secretary John Tsang said the scheme will see the Government collaborate with the industry to organise activities and provide internship opportunities to allow the community, particularly students, to have a better understanding of the nature and career prospects of different jobs in the two sectors.
"The financial services industry has a keen demand for quality personnel," he said, adding that manpower shortage is particularly acute in the insurance and the asset and wealth-management sectors. The Government could help promote the industry, enhance practitioners' professional competence and train up more talent for middle and back offices.
Mr Tsang said the Government and the industry will also enhance the contents of continuing professional development programmes, and provide financial support to encourage practitioners to enrol in these programmes.
The Financial Services & the Treasury Bureau is drawing up pilot scheme details.
From the 2015-16 academic year, the Government will subsidise on a pilot basis 1,000 students per cohort to pursue designated self-financing undergraduate programmes for meeting the manpower needs of Hong Kong.
"For the first cohort, there will be 13 programmes, covering healthcare, architecture and engineering, testing and certification, creative industry, logistics, as well as tourism and hospitality. This scheme will cost $960 million.
"We shall open up more internship and exchange opportunities for young people to experience the taste of work, broaden their exposure, and be prepared for entering the job market.
"We plan to increase the short-term internship places provided by government departments for 2015-16 to 3,000, an increase of 30% over the last financial year, so more young people will have a deeper understanding of different areas of work in Government. This measure will cost $21 million.
"I shall also allocate an additional $205 million in the next three years to support more young people to participate in Mainland exchange and internship programmes."
Another $100 million will be given to the Construction Industry Council to train more workers for the construction industry, he added.
