UBS Joins Hong Kong Covid Quarantine Payers
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Swiss financial giant UBS is the latest bank to announce reimbursement plans for employees from Hong Kong’s strict 21-day quarantine for travelers.
For full-time Hong Kong-based employees up to the executive director level, UBS will reimburse up to HK$2,000 ($256) per day to cover quarantine hotel expenses costs to «reunite with immediate family» outside of the city, according to an internal memo.
The reimbursement can total up to HK$42,000 for a single trip only and is available until November 30 next year, barring an earlier relaxation of restrictions by the Hong Kong government.
A spokesperson for the bank confirmed the continues of the memo.
UBS and a number of other global financial institutions have offered financial support to withstand the effects of Hong Kong’s zero-Covid policy.
At $5,384, UBS has taken a slight lead in single payout for quarantine costs, ahead of Morgan Stanley ($5,128), Goldman Sachs ($5,000), and J.P. Morgan ($5,000).
Questions & Answers
Q.Which employees are eligible for the quarantine reimbursement scheme offered by UBS?
Which employees are eligible for the quarantine reimbursement scheme offered by UBS?
The reimbursement plan is available to full-time Hong Kong-based employees, specifically those up to the executive director level. This covers a significant portion of their staff working in the city.
Q.What is the maximum daily amount UBS will pay towards quarantine costs for eligible employees?
What is the maximum daily amount UBS will pay towards quarantine costs for eligible employees?
UBS will reimburse up to HK$2,000, which is approximately $256, per day to cover hotel expenses for eligible employees. This daily amount contributes to the overall total for the 21-day period.
Q.How long will UBS's quarantine reimbursement scheme be in effect?
How long will UBS's quarantine reimbursement scheme be in effect?
The reimbursement scheme is available until November 30 next year. However, it may end sooner if the Hong Kong government decides to relax its current travel restrictions before that date.
Q.How does UBS's total reimbursement amount compare to other financial institutions?
How does UBS's total reimbursement amount compare to other financial institutions?
UBS's single payout of $5,384 for quarantine costs is slightly higher than some other major banks. This puts it ahead of Morgan Stanley, Goldman Sachs, and J.P. Morgan.
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