Are your Compensation & Benefits packages still competitive?
Hear from HR Leaders and senior Comp & Ben Specialists at Employee Benefits Asia
Following President Xi Jin Ping’s comment last May, pointing out the need to develop Shanghai into a world class city in technology, in July this year, Shanghai Lujiazui Talent Golden Port announced a series of polices in the hope of attracting overseas talent.
The highlight of the new policies is granting high-flying foreigners working in the country permanent residence.
Foreigners who have an annual income of no less than RMB 60,000, have worked in Shanghai for more than four years, and have lived for at least six months a year in mainland China, will be eligible to apply for permanent residency.
The city’s new foreigner-friendly policy also welcomes overseas graduates studying in mainland China to work or start their own business in the city.
Starting in July this year, foreign students are able to start their own business or a career in Shanghai right after they graduated. Prior to this new policy, foreign students were required to have at least two years of working experience to do so.
ALSO READ: Addressing the issue of foreign talent in Singapore
Shanghai Municipal Human Resources and Social Security Bureau Director Zhou Hai Yang hoped the new policies will be able to attract talent in the technology sector.
“We have strong support for scientific research and platform for academic exchange which I believe are major attractions for top talent from overseas,” he said.
He added the aim of the new polices is to ensure talent who came to Shanghai will stay for the long-term, be able to express their talent, and advance in their career.
Researcher at Chinese Academy of Personnel Science Wu Jiang said Shanghai has shown a lot of innovation in developing policies to attract talent.
“The city has adjusted its system to cater for foreigners. I believe it will become a prime location for talent from around the world,” he said.
Image: Shutterstock
Are your Compensation & Benefits packages still competitive?
Hear from HR Leaders and senior Comp & Ben Specialists at Employee Benefits Asia
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