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The information technology/e-commerce industry recorded the highest median monthly income; while companies in the Central and Western District topped the list among the 18 districts when compared by working area.
According to the latest survey by CTgoodjobs, the overall median monthly income (excluding year-end or incentive bonuses) of Hong Kong employees in the first quarter of 2024 is HK$29,715. More than 60% of employees are getting a pay rise in 2024, with an average of 8.4% increase.
Here are the circumstances and trends highlighted in the report.
Median monthly income
Among all industries surveyed, the information technology/e-commerce industry recorded the highest median monthly income, reaching HK$32,000, while the food and beverage industry saw the lowest median monthly income, at only HK$17,290.
When compared by working area, companies in the Central and Western District offered the highest median monthly income among the 18 districts, at HK$28,905; while the lowest was found from those in the Tai Po District/North District, at only HK$20,000.
By living area, employees living in Wan Chai earn the highest median monthly income at HK$30,850, followed by those living in the Central and Western District at HK$27,500, and in Sai Kung District and Yau Tsim Mong District at both HK$27,000. The median monthly income for those living in the Outlying Islands is the lowest at only HK$20,000, followed by those living in Yuen Long District and Wong Tai Sin District at only HK$23,000 and 23,900 respectively.
Salary and bonus
The survey showed that 60.7% of employees received a salary increase in 2024, with an average of 8.4% increase. However, the survey also revealed that 3.5% of employees have had their salary reduced by 20.7% on average, and 35.8% have had their salary frozen.
The top three industries with the highest salary increases are:
- Health/beauty/fitness (13.8%)
- Banking (12.9%)
- Securities/commodities (11.7%)
The top three industries with the lowest salary increases are:
- Telecommunications (3.7%)
- Medical/pharmaceutical (5.1%)
- Food and beverages (5.7%)
About two-fifths (41%) of companies paid incentive or year-end bonuses at the end of 2023, with an average amount of HK$25,650.
The top three industries that paid the highest incentive or year-end bonuses are:
- Securities/commodities (HK$56,500)
- Insurance (HKD50,000)
- Banking (HKD 44,585)
The top three industries that paid the lowest incentive or year-end bonuses are:
- Services/garments/textiles (HK$15,000)
- Telecommunications (HK$15,500)
- Education/training (HK$16,500)
Job-changing trends
The survey found that more than half (53.1%) of the respondents planned to change jobs in the first quarter of 2024. Most planned to resign after finding a new job (38.6%), and nearly 8% wanted to resign without having another job lined up.
The main reasons for them to decide or to consider changing jobs are:
- Salary and benefits are not as good as expected (57.6%)
- Lack of promotion opportunities in the current company (36.3%)
- Dissatisfied with the working environment of the current company (27.8%)
The survey found that more than a quarter of the respondents planned to leave their current company to "pursue a better work-life balance" and hope to find better opportunities.
As for those who choose to stay in their jobs (46.9%), apart from the "uncertain economic environment" (37.7%), workplace culture is also a reason, including "good relationships with colleagues" (30.2%) and "work-life balance meets their requirements” (29.5%).
The industries with the highest proportion of employees planning to change jobs are:
- Engineering (electrical/electronic/mechanical) (70%)
- Advertising/public relations/marketing (70%)
- Securities/commodities (67%)
- Manufacturing (64%)
- Design (64%)
- Toys/gifts (64%)
On the contrary, only 32% of respondents working in the insurance industry plan to change jobs, citing an uncertain economic environment as their reason to stay.
The top five companies or institutions that employees want to join the most are:
- Government
- MTR Corporation Limited
- HSBC
- Hong Kong Jockey Club
On the other hand, while Hong Kong has been proactively attracting talent in recent years, the survey found that 64.6% of the surveyed talents holding visas said they had encountered difficulties in living in the city, including:
- Rent issues (72.5%)
- Need to learn Cantonese (35.3%)
- Under pressure (33.3%)
- Lower salary (31.4%)
- Difficulty in expanding social network and lack of friends (31.4%)
Vivienne Wong, Executive Director, Hong Kong Economic Times, said: “Employers should listen more from employees, especially the new generation, to understand their expectations on salary and benefits and working models, in order to create customised human resources strategies. This can not only attract excellent talents but also retain existing talents as well as improve employee satisfaction and work efficiency.”
Methodology
The CTgoodjobs 2024 Q1 Salary Survey collected data from a total of 2,830 respondents through an online questionnaire in the first quarter of this year. A glimpse of the demographic of the respondents is as follows:
Industry:
Accounting/Audit/Tax: 10.2%
Government/Public Sector/Utilities: 7.8%
Education/Training: 7.0%
Job level:
Junior employees: 43.9%
Supervisor/director level: 30.2%
Middle management: 20.3%
Age:
36 to 40 years old: 21.2%
31 to 35 years old: 19.8%
26 to 30 years old: 18.4%
41 to 45 years old: 12.8%
Lead image / CTgoodjobs
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