Lee added his cabinet will propose and launch a scheme through which bosses will receive over HK$33 billion of subsidy in 25 years to cover severance payment or long service payment.

The scheme aims to help companies cope with the change in policy as well, Lee noted.

Lee also sent his Labor Day greetings to all workers in Hong Kong as he noted the development of Covid pandemic remained stable and the city’s latest unemployment rate dropped to 3.1 percent.

He said the SAR government will continue to provide diversified employment services and help with enterprises’ recruitment.

Lee recalled labor rights policies introduced previously, like extending maternity leave to 14 weeks and regulating the minimum wage at HK$40 per hour, as he said the government has been striving to strike a balance between the opinions and demands from workers and bosses.