Wages rise 3.9% in March

In March, 64% of companies reported wage increases.

The average wage rates in nominal terms for selected industries in March increased 3.9% year-on-year (YoY), the Census and Statistics Department (C&SD) reported.

The selected industries include manufacturing, trade, transportation, accommodation and food services, finance and insurance, real estate, professional/business services, and personal services.

In the same period, 64% of companies reported YoY increases in average wage rates, whilst 31% recorded a decrease and the remaining 5% reported no changes.

In March, the average wage rate for all selected industries rose by 3.9% in nominal terms and 1.5% in real terms after adjusting for inflation.

Meanwhile, in Q1, payroll per person engaged which includes basic wages, discretionary bonuses, and other irregular payments, increased by 3.7% in nominal terms and 1.8% in real terms after adjusting for inflation.

The C&SD said that the tight labour market should continue to render support to growth in wages and labour earnings in the near term.