Average Wage Rate in Hong Kong Falls by 1.9 Percent

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HONG KONG, Sept. 29 – The average wage rate in Hong Kong for June fell by 1.9 percent in nominal terms compared to the same period last year, according to the Census and Statistics Department.

The number of companies reporting decreasing wage rates were 19 percentage points higher compared to rates in March at 61 percent. Companies reduced employee bonuses and allowances with some carrying out no-pay leave schemes.

Xinhua says only around 33 percent of companies said that their average wage rates increased while 6 percent of companies reported no change.

Taking into account the drop in consumer prices, the overall average wage rate for specific industry sections dropped by 0.3 percent while the index of payroll per person for all the industry sections surveyed fell by 0.7 percent in nominal terms during the second quarter compared to a year earlier.