Hospital Authority announces low-interest home loan scheme as staff retention measures

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23rd June 2022 – (Hong Kong) The Hospital Authority (HA) Board today discussed and approved details of the low-interest home loan scheme for staff to enhance staff retention.
 
The Chairman of the HA, Mr Henry Fan, said, “The HA has earlier implemented a series of staff retention measures, including extending the employment of retired staff and creation of a new rank of Associate Nurse Consultant with positive results achieved. We are looking forward to implementing other staff retention measures, including the low-interest home loan scheme for staff and the establishment of the Hospital Authority Academy to alleviate the staff turnover situation.”
 
The low-interest home loan scheme for staff is a measure to enhance staff benefits which aims to offer a loan chargeable at a preferential interest rate to staff for the down-payment of a property bought for self-occupation. The scheme will be applicable to eligible staff members who are entitled to housing benefits and have joined the HA for more than three years. The staff loan under the scheme will be capped at the lower of 48 times of monthly basic salary, or $6 million. The staff preferential interest rate will be 1 per cent per annum, subject to changes in the market interest rates and a cap of 3 per cent per annum on the HA’s subsidy rate. The maximum staff loan tenor will be 20 years. The scheme is expected to accept applications in late 2022 at the earliest.
 
“We are determined to create home ownership opportunities with low-interest home loans for our staff members who are interested in buying property. The measures help create a happy living and working environment for staff members, so they will continue to stay in the HA and serve the public. We have informed relevant regulatory agencies of the scheme. The employees’ repayment ability and related loan arrangements will be assessed accordingly before staff loans are offered,” Mr Fan stressed.
 
  Meanwhile, to strengthen professional training and self-enhancement, the HA will establish the Hospital Authority Academy. The Academy will consolidate the existing professional training programmes of different institutes under the HA in order to nurture professionals for the entire healthcare industry. In the long term, the Academy will endeavour to peg the courses to the Qualifications Framework to enhance recognition, facilitate career development and progression of staff, and attract more talents to join the HA. The Academy is expected to be established early next year at the soonest.

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