Date
11 December 2017
Data suggests a mismatch between demand and supply in the labor market. Photo: Bloomberg
Data suggests a mismatch between demand and supply in the labor market. Photo: Bloomberg

Hong Kong labor shortage seen at 117,000 in 2022

Hong Kong is forecast to experience a shortage of 117,000 workers in 2022, up from an expected deficit of 14,000 in 2018, Ming Pao Daily reported Tuesday, citing a study by the Labor and Welfare Bureau.

Occupational workers with low educational background will contribute to a lion’s share of the shortfall, while workforce with masteral degree is estimated to see a surplus of 53,000, pointing to a mismatch between supply and demand.

Labor demand will hit 3.79 million in 2022, an increase of 8.9 percent from 2012, with the highest growth concentrated in financial services, commercial services, telecommunications and construction sectors, according to the study.

The population of workers aged 50 and above will climb to 35.1 percent of the total workforce, up from 29.3 percent in 2012, reflecting a rising aging population.

To address the manpower shortage, the government may increase labor supply from outside Hong Kong and delay the retirement age, the report said.

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