Hong Kong's average wage rate in September increased by 3.6% year-on-year.

According to the statistics released by the Hong Kong Census and Statistics Department today, the total wage and salary index for September 2024 in all selected industry sectors, calculated based on nominal wage index, increased by 3.6% compared to the same period last year. In September 2024, approximately 63% of companies saw an increase in average wages compared to the same period last year, 32% saw a decrease, and the remaining 5% saw no change. After adjusting for factors related to changes in consumer price index for category A items, the real average wage rate for September 2024 increased by 0.6% compared to the same period last year in all selected industry sectors. In terms of total salary statistics, the nominal average salary index for the third quarter of 2024 in all industry sectors included in the survey increased by 3.3% compared to the same period last year. After adjusting for factors related to changes in comprehensive consumer price index, the real average salary for employees in the third quarter of 2024 increased by 0.9% compared to the same period last year. Changes in various industries In terms of nominal wage index, all selected industry sectors recorded year-on-year increases ranging from 3.0% to 4.2% in September 2024. In terms of real wage index, all selected industry sectors also recorded year-on-year increases ranging from 0.1% to 1.3% in September 2024. For nominal average salary index, all selected industry sectors recorded year-on-year increases ranging from 1.4% to 4.8% in the third quarter of 2024. In terms of real average salary index, most industry sectors included in the survey recorded year-on-year increases ranging from 0.1% to 2.4% in the third quarter of 2024. Only the retail industry and social and personal services industry saw year-on-year decreases of 0.6% and 0.9% respectively. Commentary A spokesperson for the Hong Kong government stated that wages and labor income in the third quarter of 2024 continued to rise compared to the same period last year. The average wage rate for all selected industries in September 2024 increased by 3.6% when calculated nominally. After adjusting for inflation, the real average wage rate increased by 0.6%. The average salary for employees (including basic salary, non-fixed bonuses, and other non-recurring payments) recorded a 3.3% increase nominally in the third quarter of 2024. After adjusting for inflation, the real average salary for employees increased by 0.9%. The nominal average salary for employees in all selected industries saw an increase, with most industries showing a real increase after adjusting for inflation. Looking ahead, the labor market situation remains tight and is expected to continue supporting wage and labor income growth in the short term, although different industries may experience varying conditions due to business prospects.