Return-to-Office Plan Launched for Financial Institutions in Pudong
Shanghai has announced new rules for financial companies in its Pudong district to resume operations, following signs that the city’s major COVID-19 outbreak has been brought under control. According to the Shanghai Securities News, the rules stipulate that returning employees should not exceed 40% of a financial institution’s total workforce. Staff will return in batches, with each batch limited to 20% of the company’s total employees.
Financial institutions are required to follow strict epidemic prevention measures and operate under closed-loop arrangements. This gradual return to the office is part of Shanghai’s plan to ease its lockdown, which had confined 25 million people to their homes for several weeks. As the epicentre of China’s most severe COVID-19 outbreak, the city’s experience raised concerns about its image and role as a global financial hub.
The “white list” of financial entities allowed to resume operations includes over 860 firms, such as the Shanghai Stock Exchange, foreign exchange, and futures markets. Major banks like Industrial & Commercial Bank of China, HSBC, JPMorgan Chase, and Fidelity International were among the first to begin the return-to-office process.
Institutions seeking to resume operations must apply for a “work resumption certificate” and be included on the white list. Any financial entity wishing to increase the number of employees returning to work must obtain special approval.
