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According to the figures released today (October 30) by the Census and Statistics Department, the average monthly salaries for middle-level managerial and professional employees in all major sectors surveyed taken together, as measured by the Nominal Salary Index (A), rose by 3.4% in June 2007 over a year earlier.
After discounting the increase in consumer prices as measured by the Consumer Price Index (C), the Real Salary Index (A) increased by 1.5% in June 2007 over a year earlier.
Analysed by economic sector and on a year-on-year comparison in nominal terms, the average monthly salaries for middle-level managerial and professional employees increased in all the major sectors, ranging from 1.0% to 4.0%.
After discounting the increase in consumer prices, the Real Salary Index (A) increased by 2.1% for the financial institutions and insurance sector in June 2007, followed by an increase of 2.0% for the wholesale, retail and import/export trades sector. The building and construction and related trades sector as well as the transport, storage and communications sector also showed a slight increase of 0.9% and 0.3% respectively. As for the manufacturing and electricity and gas sector, a decrease of 0.9% was registered.
The Salary Index (A) measures changes in salary rates for all middle-level managerial and professional employees of the companies covered by the survey. Another index, the Salary Index (B), which excludes newly recruited and promoted employees and covers only those middle-level managerial and professional employees remaining in the same occupation and in the same company in two consecutive years, is also compiled. Its main purpose is to measure salary changes due to general increment, meritorious performance and gain in seniority.
Comparing June 2007 with June 2006, the overall Salary Index (B) increased by 4.9% in nominal terms or 3.0% in real terms. The different movement between the Salary Index (A) and the Salary Index (B) was partly attributable to new recruits (included only in Salary Index (A) but not in Salary Index (B)) who generally received lower pay than existing employees. Hence, in general, increases in Salary Index (B) are usually greater than the corresponding increases in Salary Index (A).
Statistics on the year-on-year percentage changes in the Nominal Salary Index (A), Real Salary Index (A), Nominal Salary Index (B) and Real Salary Index (B) for June 2007 in respect of the major economic sectors covered are shown in the tables attached.
The survey findings showed that 69% of the employees were entitled to profit-sharing bonuses in 2007, representing an increase of 4 percentage points where compared with 65% in 2006. The proportions of employees entitled to guaranteed year-end extra bonuses and housing benefits of some kind were 54% and 20% respectively, being more or less similar to the corresponding figures of 57% and 18% in 2006.
The salary indices are compiled annually based on the results of the Survey of Salaries and Employee Benefits - Managerial and Professional Employee (Excluding Top Management). This statistical survey has been conducted by the Census and Statistics Department since 1984 to measure changes in salary rates for middle-level managerial and professional employees. A sample of about 260 companies was selected for the survey in 2007.
For the purpose of the survey, salary rate is defined to include basic salaries, cost-of-living allowance, guaranteed year-end extra pay, commission and tips, as well as other guaranteed and regular bonuses and allowances.
Details of the salary movement, average salary rate for major occupations, and statistics on employees' entitlement to various fringe benefits, together with a description of the survey methodology, are published in the "2007 Report of Salary and Employee Benefits - Managerial and Professional Employees (Excluding Top Management)". Users can download this publication free of charge at the website of the Census and Statistics Department (C&SD) (www.censtatd.gov.hk/products_and_services/products/publications/index.jsp).
Print version of this publication is available for sale at HK$36 per issue. Purchase can be done in person at the Publications Unit of the C&SD (Address: 19/F Wanchai Tower, 12 Harbour Road, Wan Chai; Tel: 2582 3025) or through mail order by returning a completed order form which can be downloaded from the C&SD's website (www.censtatd.gov.hk/products_and_services/other_services/provision_of_stat/mail_ordering_of_publications/index.jsp). Print version of this publication is also available for sale online at the Government Bookstore of the Information Services Department (www.bookstore.gov.hk).
Enquiries concerning the Salary Indices can be directed to the Wages and Labour Costs Statistics Section of the Census and Statistics Department at telephone number 2887 5230.
Ends/Tuesday, October 30, 2007
Issued at HKT 16:15
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