Date
23 September 2017
Inflation will eat away most of the salary gains for white-collar workers in Hong Kong, a survey has shown. Photo: Bloomerg
Inflation will eat away most of the salary gains for white-collar workers in Hong Kong, a survey has shown. Photo: Bloomerg

HK white-collar salaries seen up just 1.3% next yr in real terms

White-collar workers in Hong Kong could see their salaries go up 1.3 percent on average in 2015 on inflation-adjusted basis, according to a survey.

The survey, conducted by human resources consultancy ECA International showed that employers in Hong Kong are planning to raise salaries by an average 5 percent next year. But as inflation is expected to reach 3.7 percent, as per an International Monetary Fund forecast, the real salary increase will be only 1.3 percent, Am730 reported.

The survey was conducted from August to October, covering 140 multinational enterprises in Hong Kong. It was part of a wider global salaries survey in 66 countries and regions.

In terms of salary-rise expectations, Hong Kong’s ranking was third from the bottom, ahead of Japan and Macau, the report said.

Lee Quane, managing director of ECA International Asia, was quoted as saying that white-collar employees’ real salary rise in Hong Kong was only 3 percent since the financial crisis.

That poor wage hikes restricted office workers’ purchasing power, and could adversely affect industries such as retail and insurance in the long run, he said.

Given the situation, the government should do more to control inflation, Lee added.

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