Monday, 17 April 2017

Hong Kong Updates- Salary Costs/ Employment

Salary costs
According the Hong Kong’s Census & Statistics Department, December's average wage rate grew 3.6% in nominal terms over a year earlier. Two thirds of companies reported giving salary increases, while 30% decreased salaries. 3% made no change. The overall salary rate rose 2.5% in real terms (after discounting for the main consumer price index).


There is a proposal to remove the right of employers to offset their contributions to an employee’s Mandatory Provident Fund against long service or severance payments. If and when this proposal is implemented; firstly, the change will not be of retrospective (before the implementation date) effect; secondly, the rate of severance and long service payments will be reduced from 2/3 to ½ of the monthly salary; and thirdly, the government will foot part of the employer’s extra costs.

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