Hong Kongers may bring home bigger checks in 2023

A salary increase of 4% in 2023, a report found. 

Hong Kong workers are expected to receive a higher salary in 2023 with a projected salary increase of 4%, a report found. 

In its Salary Trends Report, the ECA International noted this is higher by 0.5% compared to the pay hike seen in 2022. 

“Salary growth has been undimmed by the ongoing economic challenges the Hong Kong economy is experiencing,” Lee Quane, Regional Director, Asia for ECA, said.

“The average pay rise of 3.5% is significantly higher than the 2.5% pay rise workers received in 2021 and the rate of pay growth is expected to return to pre-pandemic levels in 2023. Hong Kong workers will also benefit from the low rates of inflation relative to elsewhere in the world. Real wage growth of 1.6% in 2022 is the fifth highest in the region and significantly higher than Singapore where real salaries fell by 1.7% in 2022.”

Read more: 76% of employers consider salary hikes in 2022: Hays

ECA noted that even as inflation is forecast to continue rising in 2023, its effects will likely be offset by larger nominal pay rises in Hong Kong. Buying power will rise faster than many locations globally, the company noted.

The report also found that the Asia Pacific region leads in terms of salary growth. In particular, ECA noted out of the ten countries with the highest salary increases, eight were within APAC.