Private tutoring is a lucrative business in Hong Kong. (Photo : Want China Times)
Modern Education, a cram school in Hong Kong, recently published a full-page advertisement to entice a certain teacher to work for them instead. The advertisement titled "An Open Letter to Teacher Lam Yat-yan" was published in two local newspapers.
Lam Yat-yan, who graduated from the Chinese University of Hong Kong with an MPhil degree in Chinese language and literature, is a Chinese language teacher at Beacon College.
According to Shanghai-based China Business News, Modern Education offered the Chinese language instructor compensation estimated to be around HK$85 million or roughly $11 million to leave Beacon College. This annual salary package is reportedly a record high--no other private education institution, not just in Hong Kong but in the world, offers a yearly compensation that high.
Despite the generous offer, Lam is firm in his decision to stay with Beacon College.
"My school and I have long maintained a good partnership, working hard together to build an ideal education platform. Therefore, I am willing to stay in a work environment that is fair and reasonable and shares my vision," Lam shared on a Facebook post.
"I believe I have the ability to make a living for myself and my family. An extra HK$50 million, HK$80 million, makes no difference to me," he added.
Lam's statement earned the support from many Facebook users, including friends and complete strangers.
Private tutoring is a lucrative business in Hong Kong. Many parents believe that a good education is important for their children's competitiveness in the real world. Because of this demand, cram schools in the country pay astronomical amounts for competent teachers like Lam.
According to China Business News, annual salaries for star teachers range from HK$4.5 million ($580,000) to HK$40 million ($5.15 million).
