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Foreign currency reserves up

Hong Kong's foreign currency reserve assets rose to US$423.2 billion in November from October's US$417.2 billion, the Monetary Authority announced today.   The reserve assets represent over five times the currency in circulation or about 42% of Hong Kong dollar M3.   There were no unsettled foreign exchange contracts at the end of November. http://dlvr.it/Sf21yd

1.1k wage subsidy complaints heard

The Government today said that as of March 9, the Employment Support Scheme (ESS) Secretariat had received 1,105 complaint cases, more than half of which involve unreasonable reduction in the number of employees or redundancy, or both.   Secretary for Labour & Welfare Dr Law Chi-kwong told legislators that the secretariat has completed investigations for 1,069 complaint cases and replied to the complainants.    Dr Law said the secretariat and the processing agent have been proactively and seriously following up reported cases.   Of the 1,069 cases which have been concluded with investigations, 608 employers are confirmed to have not complied with the terms and conditions of the ESS.   The secretariat will request those employers to return to the Government the unspent balance of wage subsidies or pay a penalty in respect of their failure to maintain the committed headcount of paid employees, or both.   Additionally, the secretariat has referred 274 cases concerning the Employment Ordinance or complaints on labour disputes relating to employment terms to the Labour Department for follow-up.   It also referred two cases to Customs, as well as one report or complaint case to the Immigration Department and the Inland Revenue Department.   The 23 complaint cases concerning Mandatory Provident Fund contributions made by employers have been referred to the MPF Authority.
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