Market Chatter: Hong Kong May Face Severe Labor Shortage Due To Aging Labor Force

MT Newswires Live17:47

The aging population is leading to a shortage of labor in Hong Kong, which may lead to a shortfall of 180,000 people in the workforce by 2028, The Standard reported Friday, citing Secretary for Labour and Welfare Chris Sun Yuk-han.

Skilled workers will be the most affected area in the labor force. A government presentation said the city was short of 50,000 workers last year. With older workforce members retiring, construction and city operations will be the most affected area, The Standard said.

With AI and digitization, different skills will be required from the new workforce. Educational institutions at home and overseas must be engaged to produce the manpower for the future, the publication added.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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