'Pay rise for financial workers falls behind in 2023'
A human resources consultancy on Tuesday said that pay rises in the financial services sector have fallen behind those in the broader economy for the first time since 2018, though only by the tiniest of margins. ECA International said its survey of more than 100 Hong Kong businesses found an average wage increase of four percent this year, with engineering, technology and retail companies offering the biggest pay rises. But the figure in financial services was a tenth of a percentage point lower than the average level across industries. Mark Harrison, the company's general manager for Asia, said salaries are continuing to improve steadily, and financial workers - like other white collar staff in general - can look forward to a four percent rise next year. Harrison said the recently weaker-than-expected economic performance would only have a minimal impact, if any, on people's salaries in 2024. "Typically part of what companies consider when they are implementing these salary increases is not just economic performance but also factors relating to having a need to retain their staff," he said. "I think Hong Kong has a relatively tight labour market at the moment, meaning the companies are needing to maintain or retain their current staff. So if they start to offer lower pay rises than four percent, I think there is a risk that those employees will leave." Harrison added that their salary trend report shows Hong Kong is quite attractive to expats, as the lower inflation rate projected for next year means that employees will be better off compared to some other places in the region like Singapore.