Violent demonstrations dragged down the salary increase, only 3.1% next year, the lowest after the financial tsunami

The recent impact of the escalation of social events in Hong Kong on the livelihood of wage earners has gradually emerged

According to a survey, the average salary increase for all ranks in Hong Kong next year ranges from 3.5% to 3.6%. However, given the current social situation in Hong Kong, according to the latest feedback from October, 28 companies have decided to cut this indicator and reduce the salary increase to an average of 3.1% next year. This information may hit a new low since the 2008 financial tsunami.

The survey was jointly organised by the Human Resources Strategy and Development Research Centre of the School of Business Administration of the Hong Kong Baptist University, the Human Resource Management Research Centre of the School of Business Administration of South China University of Technology and the Hong Kong Talent Management Association. The online questionnaire was conducted from July to September this year. The survey method collected information from 97 local industrial and commercial organizations, 63 urban institutions in Guangdong Province, and 12 Macao institutions, and investigated their remuneration and benefits.

Last year’s average salary increase of 3.9% to 4.1%

In Hong Kong, the average salary adjustment from July last year to June this year ranged from 3.9% to 4.1%. It is expected that the salary increase for each rank will range from 3.5% to 3.6% next year. In 2019, Liang Weijia, Chairman of the Pay and Benefits Investigation Team of the Greater Bay Area (Guangdong Province) of Guangdong, Hong Kong and Macau, pointed out that the 2020 Hong Kong salary increase may fall to the lowest since the 2008 financial tsunami.

According to the latest information, 28 of the respondents this year have lowered their forecasts for next year’s salary increase, with the average falling to 3.1%. In 2019, Mr Wong Wai-yin, Chairman of the Remuneration and Welfare Investigation Committee of the Greater Hong Kong and Macao, said that the social unrest in Hong Kong had a negative impact on the wage increase of wage earners. The “worst case has not yet been reflected". Huang Yuzhen continued that under such circumstances, it is expected that the increase in the monthly salary of Hong Kong graduates in 2020 will not be too great.

Construction industry is expected to freeze

Mr Wong also mentioned that the social turmoil has different impacts on different industries in Hong Kong. This is mainly reflected in the fact that many companies have announced that they will stop recruiting, mainly in the aviation, transportation, hotel and catering industries. The construction industry is expected to freeze wages. October and November should have been the peak season for recruitment. From this point of view, it is predicted that the overall unemployment rate in Hong Kong will have a chance to decrease in the second half of the year. However, she also said that the medical and insurance industries were less affected.

The survey also pointed out that in terms of recent graduates, there are differences in the starting points of pay for different industries. Among them, graduates with engineering master’s degree or above have the highest starting salary, with an average of about 17,500 yuan. The sales of Hong Kong secondary school diploma graduates have the lowest starting point, average. About 10,600 yuan.

Hong Kong students may consider going to Dawan District for employment

In addition, the survey also found that in terms of cities in Guangdong Province, the average salary increase for each rank is 5.4% to 6.8% this year. The average salary increase for each rank is 5.9% to 6.3% next year. The average salary for graduates working in Dawan District is 5300 yuan. Liang Weijia, vice president of the Hong Kong Talent Management Association, said that although the information is less than the average salary of 14,000 yuan for university graduates working in Hong Kong, the mainland life index is low, and the benefits of staff welfare, accommodation and labor conditions are generally ideal. The level does not lose Hong Kong. Mr Leung suggested that recent graduates in Hong Kong should make choices based on the potential of development in the Tai Wan District and the actual situation of the individual to prepare for the right job opportunities.

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