Meanwhile, 24 percent of them said they may sack some of their employees. As a result, Hong Kong’s net employment outlook would stand at minus two percent.

According to survey results the group announced Tuesday, Hong Kong companies have been badly affected by the Covid-19 pandemic, with the retail and service industries among the hardest hit.

Senior vice president of Manpower Group, Lancy Chui, said even with the city’s inoculation program underway, employers are still cautious about hiring new staff.

“The business environment remains challenging in the near term, especially for the retail industry due to the freeze in inbound tourism,” she said.

She added that she believes the city's unemployment rate will continue to rise this year.

“While the pace of hiring is expected to slow down this year, employers will freeze recruitment, especially the industries that are heavily impacted. The number of new job openings of traditional retail, travel and hospitality sector still remain slow,” said Chui.