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).



Employment

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.



***
Primasia will post the updates of Hong Kong and China from time to time. Follow us on our WebsiteBloggerLinkedIn and stay tunned for our updates!

===================================================================

Need more information?
Please contact:
John Barclay -Email
Teresa Tam - Email 
--------------------------
Follow us on:
LinkedIn: Primasia
--------------------------
Primasia Corporate Services Limited
Tel: +852 2882 2088




Suite 1106-08, 11/F., Tai Yau Building, No. 181 Johnston Road, Wanchai, Hong Kong

No comments:

Post a Comment