Hong Kong  real wages to rise by 1.7% in 2024 

Next year's growth is slightly lower than 2023's record.

Hong Kong will see a 1.7% growth in real wages in 2024, slightly lower than the 1.8% growth expected this year, according to the Salary Trends report by ECA International.

ECA International said real wages are the "nominal wage growth minus the rate of inflation."

In nominal terms, salaries increased by 4% in 2023; however, due to a higher inflation rate, salaries fell by 1.5% in real terms.

After factoring in the forecast inflation rate of 2.3% next year, the salary increase in Hong Kong will be 1.7% in real terms, which is lower than the APAC average of 2.2%.
 
“Although real salary growth in Hong Kong in 2023 is in the middle of APAC regional ranking, squarely at the median percentage, this growth remains substantially higher than the 1.5% fall in salaries in real terms observed in Singapore," said Mark Harrison, General Manager for Asia for ECA International.