The new crown pneumonia epidemic has been raging for nearly two years. Under the circumstances of the economic downturn, many companies are facing operating difficulties, and the wage increase of Hong Kong workers is not optimistic.
The Hong Kong Institute of Human Resources Management today (18th) announced the results of its 2021 salary trend survey.
Statistics show that nearly 70% of organizations have increased their employees' salaries this year, but the average increase of employees this year is 1%, but after deducting inflation, the real salary has been adjusted to -0.4%, which is the first negative figure in 10 years.
In addition, 37% of organizations have already decided to raise their salary next year, and the average salary increase next year is expected to be 3.0%.
Kong Yuren, vice president of the Hong Kong Society of Human Resources Management, said that Hong Kong has not yet responded to the situation before the epidemic, so the survey results are in line with expectations.
(Photo by Ouyang Dehao)
Real basic salary after calculating inflation is -0.4%
In this survey, the Society interviewed 115 organizations from 16 different industries, covering approximately 162,800 full-time employees.
The results show that although the local economy has slowly recovered, the average salary increase for employees this year is 1%, which is down from 1.4% last year.
After deducting the 1.4% average inflation rate from January to August this year, the real basic salary will be adjusted to -0.4%, which is the first negative number in 10 years.
The survey also shows that 68.6% of organizations have raised wages this year, 30.5% frozen wages, and even reduced wages by 1%.
Among them, medium-sized companies have the highest average salary increase this year, with an average salary increase of 2.8%, while large companies have the lowest increase of only 0.7%.
The institutional industry has continued for two consecutive years and has become the primary factor for the institution to adjust salaries.
Kong Yuren, vice president of the Hong Kong Society of Human Resources Management, said that Hong Kong has not yet responded to the situation before the epidemic, so the survey results are in line with expectations.
(Photo by Ouyang Dehao)
The non-fixed bonus amount is 1.59 months of salary
In terms of bonuses, 91.3% said that a non-fixed bonus system was set up this year, with an average amount of 1.59 months of basic salary.
If calculated by employee rank, senior employees receive the largest amount of non-fixed bonus, which is 6.40 months of basic salary, while general employees are the lowest, receiving only 1.21 months of basic salary.
Of the 105 organizations in the survey, 57% have not yet decided whether they will raise their employees’ wages next year, 37% have decided to raise their employees’ wages next year, and another 6% will cut their wages.
Based on all the data, the society predicts that the average salary increase next year will be 3.0%
The Hong Kong Institute of Human Resources Management survey results show that nearly 70% of organizations have increased their employees' salaries this year, but the average employee salary increase is 1.0%.
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Learned: A 3% salary increase next year tends to be cautiously optimistic
Kong Yuren, vice president of the Hong Kong Society of Human Resources Management, said that the current situation in Hong Kong has not been restored to the situation before the epidemic, and measures such as social distancing and customs closure are still maintained, so the survey results are in line with expectations.
He believes that organizations are facing the difficulty of restoring their business capabilities and need a large number of talents to overcome adversity. "3% calculations tend to be cautiously optimistic."
Kong also pointed out that the average salary increase this year is only 1%. I believe the public is not surprised.
He explained that if compared with the SARS data in 2003, "a 1% salary increase is not bad, it is reasonable." He hopes that the government can introduce more relief measures to help companies and citizens get out of trouble.
The Hong Kong Institute of Human Resources Management expects a 3% salary increase next year to be cautiously optimistic.
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