Average pay rate went up by 1.8% in March

More than half of firms posted an increase in their average wage rates.

The average salary rate across selected industries polled went up by 1.8% in March 2022 compared to a year ago, which posted a 0.9% increase, data from the Census and Statistics Department (C&SD) showed. 

The government spokesman also said the 1.8% increase is the same pace of growth as in December last year. 

Over 53% of the firms said their average wage rates in March 2022 grew compared with the previous year, 43% said there was a decrease whilst 4% it was unchanged.

Excluding changes in consumer prices, as measured by inflation, the overall average salary rate across selected industries polled remained virtually unchanged in real terms in March 2022 over 2021.

The index of payroll for every person grew by 0.8% in nominal terms in the first quarter (Q1) of 2022 over a year earlier.

After discounting the changes in consumer prices as measured by the Composite Consumer Price Index, the average payroll per person fell by 0.7% in real terms in Q1 2022 compared with the previous year.

On nominal wage indices, the transportation industry and personal services section posted a year-on-year (YoY) decline of 0.2% and 1%, respectively.

For real wage indices, decreases ranging from 0.1% to 2.7% were posted in the import and export, wholesale and retail trades section, transportation section, accommodation and food service activities section, and personal services section in March 2022. 

The manufacturing industry remained unchanged when compared with that in March 2021 whilst the other industry sections polled recorded increases of 0.7% to 1.2%.

As for the nominal indices of payroll per person engaged, increases ranging from 0.1% to 2.3% were documented in all selected industries polled in Q1 2022, whilst retail trade, accommodation and food service activities section, and social and personal services section posted declines ranging from 0.2% to 0.7%.

For the real payroll indices, the changes logged by different industry sectors surveyed in the first quarter of 2022 varied. Year-on-year decreases ranging from 1.3% to 2.2% were recorded in the industry sections of manufacturing, import and export, and wholesale trades, retail trade, transportation, storage, postal and courier services, accommodation and food service activities, and social and personal services.