HK average salary increase surpasses Macau and Guangdong: survey

A recent survey focused on pay and benefits in the Greater Bay Area reveals that the average salary increase in Hong Kong for this year is 3.5 percent, marking the second year in a row to outpace those recorded in Macau and cities across Guangdong.

Conducted by Hong Kong Baptist University, the Hong Kong People Management Association and other human resources management associations between July and September, the survey covered more than 240,000 employees from 280 organizations.

The average salary increase rates in Macau and Guangdong are 2.7 and 2.3 percent, respectively, according to the organization's employee salary information from July 2023 to June 2024.

The average starting salary for Hong Kong graduates is HK$19,806, with higher entry-level wages in sectors such as IT, engineering as well as research and development. The wages for fresh graduates from Guangdong and Macau are 5,843 yuan and MOP14,996, respectively.

Compared to 2019, graduates' starting salaries have risen by 27.8 percent to 45.3 percent, with an increase exceeding 30 percent in fields like production and marketing. 

Employers across the three regions expect average salary increases of 3.8 to 3.9 percent for the coming year.

The average employee turnover rate in Hong Kong ranges from 9.1 to 23.8 percent, similar to last year, with the main reasons being promotion opportunities, salary and immigration. 

Hong Kong, despite declining job openings from 2023, still has a job vacancy rate of 3.7 percent, which is higher than that of Guangdong at 1.4 percent, reflecting a relatively favorable job market.

Huang Xu, director of the Centre for Human Resources Strategy and Development of the School of Business of Hong Kong Baptist University, stated that local employees have seen higher salary increases than those in Macau and Guangdong, highlighting its international talent hub status as more companies are willing to attract talent with high salaries.