Pay rises lag behind inflation
Updated: 2010-10-22 08:16
By Fu Lei(HK Edition)
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Average salaries went up in all major business sectors of Hong Kong from July 2009 to June 2010, but the increases lagged behind inflation, according to a survey report released Thursday.
The survey, which collected data from 93 organizations based in Hong Kong, indicated average salaries increased from 2.1 percent to 2.6 percent at different staff levels, with the largest increases going to supervisory and technical staff.
Despite a rally from the grim figures of one year before, when increases ranged from 0.4 percent to 0.7 percent at all staff levels, the pay increase still trailed soaring consumer prices.
Overall consumer prices rose by 2.8 percent in June 2010 over the same month a year earlier, according to the Census and Statistics Department.
The projected salary growth, worked out from answers by 66 organizations, would be around 3 percent next year, according to the survey jointly conducted by the Hong Kong People Management Association and Hong Kong Baptist University.
"The anticipation reflects a cautious view held by employers facing the uncertainty of further appreciation of the Renminbi," Randy Chiu, director of the Centre for Human Resources Strategy and Development of the university said at a press conference.
"With a broad range of raw material imported from the Chinese mainland, the cost will escalate in case the Renminbi appreciates. Hong Kong cannot steer clear of that pressure," said Felix Yip, president of the Hong Kong People Management Association.
The construction industry had the largest-scale recruitment over the survey period, taking on new managers, supervisory, technical and general staff, according to the survey which was sent to all major business sectors excluding the civil service.
For fresh graduates holding only a Bachelor's degree, the construction industry could be the best paid, with an average salary at HK$12,438, topping all others.
The industry also expected the biggest pay increases following its massive recruitment. All employees in the industry except construction laborers, security guards and drivers likely will see an average salary increase of around 5 percent.
The prediction re-echoes last week's call by the Hong Kong Construction Industry Employees General Union that several construction jobs should have salary increases, ranging from HK$30 to HK$120 per day.
"The boost in construction is upheld by a number of infrastructure projects recently announced by the government, as well as the momentum gained from growing housing starts," said Yip.
China Daily
(HK Edition 10/22/2010 page1)