More bad newsÂ for theÂ HSBC IT department, as IT contract staff have become the latest victim of the bankâ€™ cost-saving plans. Earlier this year, the bankÂ firedÂ 120 IT staff in MarchÂ and then hit the department withÂ another round of job cutsÂ in August.
According to theÂ Apple Daily, the bank has informed contract staff from the IT department through an internal email, that they will need to go on two weeks of no pay leave from December 15 to January 2.Â The banks employs 4000 people in Hong Kong, of which 1000 of them are contract employees.Â At least 300 people have beenÂ forced to take no pay leave.Â The good news, however, is that these contract employees had their contract extended until June 2018.
HSBC explained the bankâ€™s IT systems do not require any major updates from November to January 4 next year and with a lighter workload,Â many employees haveÂ already taken leave.
In addition to instructing contract employees to take no pay leave over the festive season, a number of employeesÂ were also let go at the end of November.
An employee whose contract was not extended after November told the Apple Daily he will have a chance to be rehired in January.Â However, the bankâ€™s hiring process usually takes up to seven weeks and as a result, employees could go without pay for up to four months.
Human ResourcesÂ has reached out to HSBC for comments.
This story was originally featured on Human Resources.