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Written by: Hou Cailin
2019-12-06 12:16
Last updated: 2019-12-06 12:16The Workers ’Union announced today (6th) the proposal for next year ’s salary adjustment. It is proposed that the salary increase next year is not less than 5%. In addition to maintaining the actual purchasing power of the salary, it also recovers some of the gap between wages and productivity growth over the years.
The trade unions propose a raise of not less than 5% next year. (Profile picture)
The Hong Kong Federation of Trade Unions (FTU) today (6th) suggested that the pay increase next year should not be less than 5%. In addition to maintaining the actual purchasing power of wages, it will also recover some of the gap between wages and productivity growth over the years.
The Workers' Union pointed out that the real output value in the third quarter of this year fell by 2.9% year-on-year, and the government's latest forecast that the economy will contract by 1.3% for the entire year, that is, a recession. At the same time, the unemployment rate rose to 3.1% from August to October this year, and the number of job vacancies in the private sector in June was nearly 6,000 compared with the same period last year, a decline of more than 7%. Looking into the fourth quarter, about 20% of the construction, retail, and catering industries It is expected to reduce staffing.
The Workers' Union states that although the economic contraction has caused most companies to regress their profits, many still recorded considerable profits, reflecting that although the profits are slightly "inferior", companies still have the ability to adjust their salaries and cannot use profit as an excuse not to increase their pay.
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