Annual Report 2019

072 Annual Report 2019 Miramar Hotel and Investment Company, Limited Principal Risks 3. Human Resources Most of the Group’s core businesses are in people-intensive service industry, in which retention of key and skillful staff is always a challenge in our effort to maintain high quality standard. During the year, a few revisions to labour legislation came into force, including the increase in statutory minimum wages and the increase in statutory paternity leave. And a bill on extension to the statutory maternity leave has been tabled in the Legislative Council for discussion. Labour costs are thus expected to increase. The Group monitors labour market conditions on a regular basis to ensure our employment terms are reasonable and competitive, conducive to maintaining high quality services. In addition, staff vocational skills development is supported through our education allowance scheme and training programme. Our human resources policies are regularly reviewed and adjusted to align with our business strategies. 4. Legal and Compliance The Group is committed to complying with the relevant legal and regulatory requirements. Compliance costs are expected to go up due to the imposition of new standards and requirements by government and regulatory bodies. These arise from engagement of external consultants for advice and staff training, and for establishment/update of policies and procedures in response to the new requirements. The Group routinely seeks advice from regulatory bodies and external advisors on any upcoming new requirements to ensure compliance.