Workers enjoy 5.7% higher salaries in 2018 but also suffer longer working hours

The financial sector continues to churn out generous compensation packages.

The salaries of Hong Kong employees rose to an average of 5.7% in 2018 from the previous year’s 3.9%, according to an annual survey by jobsDB. Average bonuses also clocked in at 1.6 times the basic monthly wage which represents a better showing than the past two years.

Also read: Hong Kong offers better jobs than Singapore, say expats

The banking and finance sector continues to enjoy the highest average salary increment of 8%, with salaries for those in the risk analyst and risk management positions boosted by as much as 19.1% and 11.1% respectively. 

“At the same time, regulators in Hong Kong and other parts of the world are increasingly tightening regulations, resulting in an increased demand for risk management professionals,” said Isaac Shao, country manager of jobsDB Hong Kong Limited.

Hot demand for top IT talent across all industries also buoyed average salary increments in the sector by 7% with network engineers and programmers and receiving double-digit salary growth of 13.3% and 10.2% respectively.

Also read: Lucrative digital jobs buoy Hong Kong's employment market in 2018 

“The IT industry has a growing thirst for talent. If a company promotes a positive work-life balance, a friendly working environment, or offers some special employee benefits, it could provide details in its recruitment advertisement to help attract talents and enhance company image,” Shao added.

Although salary increase and bonus packages have improved across the board, many local employees are also suffering from longer working hours as 15% of respondents admitted to working more than 50 hours per week.

The hospitality and F&B sector emerged as the hardest hit industry in terms of long working hours as up to 70% work more than 50 hours per week followed by those in the building and construction sector and management sectors.