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Among all the industries surveyed, the transportation industry had the highest nominal and real wage increases, at 5.2% and 2.5% respectively.
According to wage and salary statistics for December 2023 released by the Census and Statistics Department, the average wage rate across all selected surveyed industry categories, as measured by the wage index, rose by 3.8% in nominal terms year-on-year. After deducting the change in the Consumer Price Index A, the overall average wage increased by 1.1% in real terms.
In December 2023, both the nominal wage index and the real wage index increased annually in all selected industrial sectors:
- for nominal Salary Index: 3.0% to 5.2%
- for real Salary index: 0.3% to 2.5%.
About 64% of companies said average salaries increased in December 2023 compared with the same period last year. During the same period, a total of 32% of companies experienced a decrease in average salary levels. The remaining 4% reported little change in average wage rates.
Changes in nominal wage index and real wage index according to specific industry classifications in December 2023 compared with the same period last year (%)
Selected industry sector | December 2023 |
manufacturing |
+4.6 |
Import and export, wholesale and retail trade |
+3.0 |
transportation |
+5.2 |
Accommodation and food service activities |
+4.5 |
Financial and Insurance Activities |
+3.9 |
Real estate leasing and maintenance management |
+3.2 |
Professional and business services |
+3.8 |
personal service |
+3.7 |
All industry sectors |
+3.8 (+1.1) |
In terms of salary, the per capita salary index for employees in various industries in the fourth quarter of 2023 increased by 3.6% annually. After deducting changes in consumer prices from the Composite Consumer Price Index, the average salary of employed persons increased by 1.0% in real terms annually.
In the fourth quarter of 2023, both the nominal and real indices of per capita wages in all selected industrial sectors showed annual increases:
- for nominal Salary Index: 2.7% to 9.6%
- for real Salary Index: 0.1% to 6.8%
Annual decrease in the nominal and real salary index of specific industry sectors in the fourth quarter of 2023 (%)
Selected industry segment |
Season 4 2023 |
manufacturing |
+3.9 |
Wastewater treatment, waste management and remediation activities |
+4.7 |
Import, export and wholesale trade |
+2.9 |
retail industry |
+2.7 |
Transportation, warehousing, postal and express delivery services |
+9.6 |
Accommodation and food service activities |
+5.5 |
Information and Communications |
+4.1 |
Financial and Insurance Activities |
+3.5 |
real estate activities |
+2.7 |
Professional and business services |
+3.4 |
social and personal services |
+3.2 |
All industry sectors |
+3.6 (+1.0) |
notes: Salary rates include basic salary and other regular and guaranteed allowances and bonuses. Wages include elements covered by wage rates and other irregular payments made to workers, such as discretionary bonuses and overtime benefits.
A government spokesman said wages and labor income continued to record substantial growth in the fourth quarter of 2023 compared with the same period a year earlier. Looking ahead, tight labor market conditions will continue to support wage and labor income growth in the near term.
Also read: The median monthly salary of Hong Kong employees will increase by 3.5% to HK$19,800 in 2023
Lead Figure/123RF
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