According to the latest survey report released by human resources management consultant ECA International, the salary of “wage workers” in Hong Kong will increase by an average of 4% next year, which is 0.5% higher than that in 2022. However, taking into account the inflation factor, the actual increase will be 1.6%, the same as last year.
According to the report, wages for Hong Kong employees have grown by a nominal 3.5% this year and are expected to rise by a further 4% in 2023.
Compared with the Asia-Pacific region and the rest of the world, Hong Kong employees benefit from low local inflation, which will lead to an increase in real wages this year and next.
Although inflation is expected to rise to 2.4% from 1.9% next year, which will offset a sharp rise in nominal wages, the purchasing power of Hong Kong employees will still grow faster than in many parts of the world.
(Provided by ECA International)
Singapore to raise wages by 4% next year
Globally, the Asia-Pacific region again led the rest of the world in real pay growth for employees this year.
Eight of the top ten countries and regions with the highest real pay increases are in the Asia-Pacific region.
In addition, the average real salary increase in the Asia-Pacific region is expected to be 1.3% in 2023, up 1% from this year. At the same time, because the global real salary is expected to fall by 0.5% next year, the real salary increase in the Asia-Pacific region will once again lead.
As for Singapore, one of Hong Kong's rivals, nominal pay growth for employees was 3.8% this year and is expected to rise further to 4% next year.
Inflation in Singapore is 5.5% this year, on par with the Asia-Pacific average, and is expected to fall to 3% next year.
As a result, real wages in Singapore fell by 1.7% this year and are expected to rise by 1% next year, below the average growth rate of 1.3% for the Asia-Pacific region next year.
Taking inflation into account, real wages in Singapore will rise by an average of 1% next year.
(file picture)
On the mainland, employees continued to record the highest real pay increases in 2022, with local employees’ pay rising at a nominal 5.9% and expected to rise by a further 6% next year.
While the nominal salary increase in mainland China is not the highest in the Asia-Pacific region, low inflation means that the real salary increase for local employees is the highest in the world and is expected to be in the top three in 2023.
The survey, based on data provided by more than 360 multinational companies from 68 countries and cities, has calculated the salary growth of local employees this year and made predictions for the salary review in the coming year.
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