Hong Kong saw lowest average salary increment in 10 years
Employees in Hong Kong received an average of 1.4% salary increment, the lowest rate in 10 years, according to a survey by The Hong Kong Institute of Human Resource Management.
The survey, which was released on 29 October, was conducted between January and September this year, with 128,000 full-time workers from 92 companies across 15 sectors participating.
It revealed that 69.7% of the companies polled said they had increased staff pay in 2020. And employees can expect an improved 1.7% increment in 2021.
Meanwhile, 30.3% of the employers polled reported a 2020 pay freeze although none of the management interviewed had implemented a pay cut.
The Hong Kong Institute of Human Resource Management’s vice-president Lawrence Hung Yu-yun said, “At only 1.4%, the average salary increment reflects employers’ ongoing restrained approach to budgeting before COVID-19 gets under control.
“However, organisations can show staff they are valuable stakeholders of the company and moderate pay rise is only temporary in these unusual times, by implementing more people-centric working measures.”
“Looking ahead, global economic uncertainty caused by Covid-19 continues to be a major concern for organisations, which affects their pay adjustment forecast in 2021,” Hung added.