Average wage rate up 3.2% in March

Ongoing economic recovery is expected to drive labour demand.

The average wage rate in Hong Kong rose 3.2% in nominal terms in March compared with the same month in 2022, according to a survey by the Census and Statistics Department (C&SD).

About 62% of the companies reported an increase in average wage rates in March compared to a year ago. Another 34% of companies reported a decrease, whilst 4% reported virtually no change.

The wage rate includes basic wages and other regular and guaranteed allowances and bonuses.  

Sectors covered include manufacturing; sewerage, waste management and remediation activities; import/export and wholesale trades; retail trades; transportation, storage, postal and courier services; accommodation and food service activities; information and communications; financial and insurance; real estate; professional and business services; and social and personal services.

Discounting changes in consumer prices, the overall average wage rate for all of these industries rose by 1.5% in real terms during the period.  

In a statement, a government spokesperson noted that increases in nominal wages and labour earnings accelerated further in the first quarter of 2023 in tandem with Hong Kong’s labour market conditions continuing its improvement.
 
Looking ahead, the spokesperson said that ongoing economic recovery should drive labour demand, and render support to growth in wages and labour earnings.