Hong Kong's average wage rate up by 3.8% in December 2023

Payroll per person engaged also rose by 3.6%, says reports

Hong Kong's average wage rate up by 3.8% in December 2023

The average wage rate in Hong Kong saw a 3.8% increase in nominal terms in December 2023, according to data from the Census and Statistics Department (C&SD).

The wage rate refers to basic wages as well as other regular and guaranteed allowances and bonuses.

"The Nominal Wage Index increased by 3.8% in December 2023 over a year earlier," the C&SD said on its quarterly report.

By industry, the transportation sector saw the highest year-on-year change in nominal terms after posting a 5.2% hike in the average wage rate.

In real terms, the average wage rate saw a 1.1% increase, with transportation sector also in the lead across industries with the highest hike of 2.5%, according to the report.

Source: Census and Statistics Department

Payroll per person engaged data

Meanwhile, payroll per person engaged went up by 3.6% in nominal terms in the fourth quarter of 2023 over a year earlier, according to the C&SD.

A government spokesperson said this is also a "slightly faster than the increase in the preceding quarter."

After discounting for inflation, payroll per person engaged also increased by one per cent in real terms.

"All selected industries saw increases in nominal payroll per person engaged, and registered increases in real terms in general after discounting for inflation," the spokesperson said.

Payroll includes elements covered by wage rate and other irregular payments to employees, such as discretionary bonuses and overtime allowances.

"Looking ahead, tight labour market conditions will continue to support growth in wages and labour earnings in the near term," the spokesperson said.

Recent articles & video

Company director hit with $51,000 fine for wage-related breaches

Novartis to cut over 600 jobs amid global restructuring

MoneySmart's ex-head of tech under fire for new role at rival firm

Asia's security culture falls behind globally: report

Most Read Articles

Director given suspended sentence for wage breaches in Hong Kong

MoneySmart's ex-head of tech under fire for new role at rival firm

Singapore's data scientist role sees 'noteworthy' 11% increase in 2023