CHINA / Taiwan, HK, Macao |
HK people enjoy 6% pay rise(China Daily)Updated: 2007-05-31 15:01 Many in Hong Kong have received pay rises of nearly 6 percent over the past year, and the updated unemployment rate in the city during the three months to April stood at 4.3 percent, lower than expected.
A study called The 2007 Pay Trend Survey Report has found that over 144,000 employees in 91 companies have received pay rises ranging from 4.28 percent to 5.59 percent in the past year. Statistics released right after the pay trend report shows the unemployment rate in Hong Kong remains at a moderate level. Economists predict there is not much room for the jobless rate to drop further in the months to come. The jobless rate is expected to ease further, possibly to 4 percent in the second half, according to Standard Chartered Bank, Hong Kong's leading lender. The bank said there does not appear to be much room for any further significant decline in the unemployment rate as workers in the construction and manufacturing industries currently unemployed are unlikely to find jobs in other sectors given their lack of skills. Standard Chartered said the unemployment rate in the financial services and other sectors requiring highly skilled workers is already very low, and labor supply for these sectors will remain tight because they require highly skilled individuals. The study on the pay trend was complied by Pay Survey & Research Unit for the government's Advisory Bodies. It said that those earnings less than HK$14,330 per month received a pay rise of 4.28 percent. Those with salaries between HK$14,330 and HK$43,940 per month saw a pay rise of 5.24 percent, while those earning HK$43,941 to HK$87,430 received a 5.59 percent rise. To tackle the structural problems involved in the jobless rate, the SAR Labor Department organized a job fair featuring more than 2,000 vacancies, mostly requiring low-skilled workers. Some 16 companies, mainly from the retail, catering and property management sectors, set up counters and offered about 1,800 vacancies for on-the-spot recruitment. About 85 percent of the vacancies are full-time, with the monthly salary ranging from HK$5,000 to HK$9,000. Most vacancies require middle-school educational level. |
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