Incentives to benefit young Macao adults

The latest policy to boost employment for Macao youth in the Guangdong-Macao In-Depth Cooperation Zone in Hengqin will expand their development opportunities and alleviate the financial burdens of enterprises, experts and businesses said.

The livelihood affairs bureau of the zone in Hengqin issued interim measures on Tuesday to broaden the career prospects of young adults from the special administrative region and draw more of them to work in the zone. The measures will take effect on Feb 1 and will remain valid for three years.

Under the measures, each eligible young Macao worker employed in the zone can apply for an employment subsidy of 4,000 yuan ($548) per month for up to 36 months. Those who participate in vocational skill assessments at eligible organizations and receive certificates can also enjoy a one-time subsidy equal to 30 percent of the cost.

Employers in the zone are also eligible for incentives. For each young Macao adult they hire, employers can apply for a subsidy of 1,000 yuan per month for up to 36 months. Employers hiring 30 or more within the same year are entitled to an additional one-time incentive of 200,000 yuan. The total incentives granted to any single employer are capped at 1.5 million yuan annually.

Additionally, Hengqin employers can apply for a full subsidy covering their portion of the monthly social insurance contributions for Macao employees for up to 36 months.

Xu Fengmei, deputy director of the livelihood affairs bureau, described the policy as highly supportive and tailored to the needs of young Macao residents. She expressed hope that the measures would attract more of them to build their careers in Hengqin, opening a new chapter for the zone's development.

"Many enterprises in Hengqin are in the entrepreneurial stage. The provision of subsidies will reduce their operational costs and encourage them to recruit more young Macao people, allowing these enterprises to allocate more resources to R&D and production," said Mao Yanhua, dean of the Institute of Regional Openness and Cooperation at Sun Yat-sen University in Guangzhou, Guangdong province.

"Meanwhile, the income gap between Macao and Hengqin will narrow, thereby attracting more young Macao residents to work across the boundary," he said, adding that the policy is expected to show significant short-term effects.

The introduction of these measures coincides with the 25th anniversary of Macao's return to the motherland, celebrated on Dec 20. Located at the southern tip of Zhuhai in Guangdong, Hengqin is tasked with promoting the appropriate diversification of Macao's economy and facilitating better living and working conditions for Macao residents.

In addition to the latest policy, Hengqin has introduced various supportive measures to assist Macao entrepreneurs in setting up and expanding their businesses in the zone, including tax concessions and rent relief.

"Hengqin's preferential policies will boost the confidence of Macao youths," said Liu Xuemei, deputy general manager of the investment and development department at Zhuhai Huafa Technology Industry Group Co in Hengqin.

Compared with Macao, which is limited in land and industries, Hengqin offers a larger development space for Macao youths. Liu said Huafa is working with Macao universities to carry out training for Macao youths, who will have the opportunity to work in the Huafa e-commerce industrial park and other companies in Hengqin after graduation.