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AI to eliminate 800,000 jobs in Hong Kong by 2028: REPORT

Rising concerns over job losses accompany the increased adoption of AI models like ChatGPT, prompting companies in Hong Kong to urge employees in non-IT roles to learn ChatGPT usage, according to Venturenix.

Saumya Nigam Edited By: Saumya Nigam @snigam04 New Delhi Published on: June 16, 2023 14:21 IST
ARTIFICIAL INTELLIGENCE, AI technology, hong kong, job loss
Image Source : FILE AI technologies will take away 8 lakh jobs in Hong Kong by 2028

A study conducted by IT recruitment firm Venturenix predicts that around 800,000 jobs, equivalent to 25% of the workforce in Hong Kong, will be displaced by artificial intelligence (AI) technologies by 2028. The report identifies data entry clerks, administration staff, and customer service representatives as the most vulnerable roles to be affected by AI. The impact of AI is expected to extend beyond these sectors, impacting professions such as lawyers, translators, illustrators, and content creators.

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The growing popularity of AI models like ChatGPT has raised concerns about substantial job losses. Many companies in Hong Kong are now encouraging employees in positions that previously did not require IT experience to learn how to use ChatGPT, as stated by Venturenix.

According to a research report by global investment bank Goldman Sachs, AI has the potential to automate 25% of the overall labour market, with administrative jobs being automatable by 46%, legal jobs by 44%, and architecture and engineering professions by 37%.

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Researchers from Alibaba Group's Damo Academy and Singapore's Nanyang Technological University found that using large language models (LLM) like GPT-4, which powers ChatGPT, for data analysis costs less than 1% of hiring a human analyst while achieving comparable performance. The study highlights the potential threat to job security with the increasing adoption of generative AI. Furthermore, the experiments demonstrated that GPT-4 is significantly faster than humans in completing tasks and, in some cases, surpasses human data analysts in terms of accuracy and analysis.

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As AI technology continues to advance, it is crucial to consider the potential implications on the workforce and explore ways to adapt to the changing landscape. Efforts to upskill and reskill employees in emerging technologies and emphasize the augmentation of human capabilities alongside AI could help navigate these transitions and mitigate the impact on job security.

Inputs from IANS



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