Hong Kong Sends Bankers Home
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Tighter government COVID-19 restrictions from Saturday already prompted UBS and other banks to re-impose workplace limits.
The Hong Kong government yesterday announced a raft of new COVID-19 restrictions yesterday following a number of untraceable Omnicron variant cases, a step that is already prompting UBS and other banks to ask bankers to resume working from home.
The government says on its website that the enhanced restrictions will take effect from January 7 and last for 14 days. Group gatherings of more than four people will be prohibited and restaurants will have to close at 6pm.
All leisure and sports facilities, gyms and bars will be fully closed. It has also suspended all flights from Australia, Canada, France, India, Pakistan, the Philippines, the UK, and the U.S.
UBS is splitting its 2,500 workforces into groups, with one working from home and the other in the office in an alternate fashion, according to a report, citing an internal memo.
Employees have also been asked to curtail movement in the office and sharply limit socialization outside their direct teams, the memo indicates. Other banks taking similar steps include HSBC, Bank of America, and Standard Chartered, the news outlet said.
Others are expected to follow as the restrictions come into effect.
Questions & Answers
Q.What specifically triggered the Hong Kong government's decision to implement new COVID-19 restrictions?
What specifically triggered the Hong Kong government's decision to implement new COVID-19 restrictions?
The Hong Kong government announced new restrictions following a number of untraceable Omnicron variant cases. This decision prompted banks like UBS to ask employees to work from home again, impacting local business operations significantly.
Q.When do these new restrictions become effective and how long are they expected to last in Hong Kong?
When do these new restrictions become effective and how long are they expected to last in Hong Kong?
The enhanced restrictions will take effect from January 7th and are scheduled to last for a period of 14 days. This timeline provides a temporary framework for businesses and residents to adapt to the new measures.
Q.What measures has UBS put in place for its workforce in response to the new government restrictions?
What measures has UBS put in place for its workforce in response to the new government restrictions?
UBS is splitting its 2,500 employees into groups, alternating between working from home and the office. Staff have also been asked to limit office movement and reduce socialisation outside their immediate teams.
Q.Which other financial institutions are following similar work-from-home policies in Hong Kong?
Which other financial institutions are following similar work-from-home policies in Hong Kong?
HSBC, Bank of America, and Standard Chartered are also taking similar steps in response to the tightening restrictions. More banks are anticipated to adopt these measures as the new regulations come into force.