HKU graduates still fetching top dollar

The average annual salary of fresh university graduates has increased by 7.8 percent year on year to HK$303,000.

Of the eight subsidized institutions, University of Hong Kong alumni drew the highest average annual salary at around HK$370,000, up 6.3 percent from 2021.

That was one of the findings in a University Grants Committee survey of 17,751 graduates last year, more than 13,000 of whom chose to join the workforce, with 288, or 2.1 percent, staying unemployed, down from 325, or 2.2 percent.

Some 514, or 3.7 percent, were underemployed - working less than 35 hours per week involuntarily or only as temporary workers, slightly lower than over 800 in 2021.

Chinese University continued to have the highest jobless rate at 3.7 percent, up from 3.6 percent.

The underemployment rate for Education University grads was the highest, at 5.6 percent, but down about 1 percentage point.

Hong Kong University of Science and Technology and CUHK saw the highest average annual salary increase of more than 10 percent, followed by 9.8 percent for Lingnan University alumni, who still earned the lowest among the eight institutions, with an average annual pay of HK$225,000.

Senior human resources consultant Alexa Chow Yee-ping said the rising average salary reflected the loss of junior talents, forcing enterprises to increase salaries, although they were still suffering from the pandemic and found it hard to afford a 7.8 percent hike.

She also said changes in salary levels depend on the effectiveness of measures to attract talents.

Successful applicants for Top Talents Pass Scheme, she said, need not come immediately upon their application's approval, and it has yet to be seen how many people will come this year.

However, she believes average salaries for this year's graduates will be at least 5 percent higher, given inflation and loss of talents.

She said the relatively high underemployment rate was related to the fact that some grads have in recent years chosen to work as freelancers or have multiple careers.

With the return to normalcy, the jobless rate may continue to drop this year as retail, tourism and film industries recover, she said.

As well, 2,880, or 16.2 percent, similar to last year, chose to pursue further studies, which Chow said showed they were less confident about employment.

And 983 did not seek employment or have left Hong Kong.