Adding labor is the news that migrant workers have always hoped to receive. According to a survey, the median salary increase for Hong Kong companies this year was 4.5%, of which the construction, real estate and engineering (CEP) industry saw the highest growth rate of 5.3%. The financial sector saw a 4.8% increase in salaries. As for the education sector, the increase was 3%, the lowest increase among other industries.

In a survey conducted between February and March this year, 2 out of more than 3 Hong Kong organisations surveyed said their 190 annual salary review had been completed. This year marks the first time since 91 that wage growth rates in Hong Kong companies have returned to pre-pandemic levels, with a median increase of 2023.2019%, compared to 4.5% in 2022, 4% in 3 and 2021.3% in 2020.

Among them, 44% of companies surveyed noted that their salary growth budget in 2023 is higher than in 2022, indicating that they are more aggressive in their talent retention and attraction strategies.

Among the industries, construction, real estate and engineering (CEP) had the highest wage growth rate of 5.3%, followed by F&B with a 2023.5% wage growth in 2, benefiting from improved inbound tourism, according to the survey. Wage growth in the high-tech and media sectors also rose by 5%, in line with the Government's commitment to grow the digital economy and establish Hong Kong as an international technology hub.

As the economic recovery accelerates, Willis Towers Watson expects wage pressures and upward trends to continue this year, while wage growth is expected to remain at 2023% throughout 4.

More than 8% of the companies surveyed showed good results in 2022

On the other hand, driven by strong policy support, capital market recovery and the full opening of Chinese mainland ports, corporate performance has improved. In Hong Kong, 5 out of 4 companies (81%) reported that their 2022 performance was good, above or on par with last year.

The competitive payroll strategy among companies clearly shows that Hong Kong is on the road to recovery, with the rate of brain drain slowing as Hong Kong re-establishes itself as a global hub.

Only 21% of respondents were satisfied with the results of the Civil Service Pay Survey Trade Union urges 5% salary increase, HKMA staff raise by 2.4% Outstanding staff were rewarded