Hong Kong would spend more than 300 billion HK dollars (about 38.46 billion U.S. dollars) to ease pressure of economic contraction, boost domestic demand and increase employment opportunities, said Hong Kong's top financial official here Wednesday.
"We will also introduce some targeted measures to provide various types of jobs and internship opportunities," said John Tsang, financial secretary of the Hong Kong Special Administrative Region (HKSAR) government, when delivering his second budget speech to the Legislative Council.
Tsang said 400 million HK dollars (about 51.2 million U.S. dollars) non-recurrent funding would be embarked for the Labor Department to enhance and integrate its various employment programs to provide training and employment opportunities.
A total of 13 million HK dollars (about 1.6 million U.S. dollars) additional funding will be provided for the Labor Department to adopt a more proactive approach in providing employment assistance to those made redundant during the financial crisis.
To address the influx of graduates into the labor market in the middle of the year, the government will launch "Internship Program for University Graduates" in the middle of the year to provide graduates with opportunities to work as interns and receive training in local or Mainland enterprises for six to 12 months.
An additional 1.1 billion HK dollars (about 141 million U.S. dollars) non-recurrent will be provided in funding various types of jobs, said Tsang.
He said besides creating jobs directly, the above measures would also provide training and job opportunities specifically to those in need, including young people, graduates, women, the middle-aged and the disabled.
"These measures will entail a provision of 1.6 billion HK dollars (about 205 million U.S. dollars) and create about 62,000 jobs and internship opportunities in the next three years," he added.