Hong Kong Logs Highest Pay Hike in Greater Bay Area: Study
by: The Beat Asia
October 23, 2023
Hong Kong employees enjoyed the highest salary hike within the Greater Bay Area (GBA), according to a study conducted by The Centre for Human Resources Strategy and Development of the School of Business of Hong Kong Baptist University.
Pay increases in the Asian financial hub ranged from 3.2% to 3.8% on average, beating the salary hikes seen in Macau and other cities in the Guangdong province. Next year, the pay hike in Hong Kong is expected to reach 3.5% to 3.8%, continuing its momentum, although remaining below the pay hikes logged in 2019 prior to the pandemic.
The study took into account payroll data from 292 companies in GBA, including 183,000 employees.
GBA is a rapidly developing region in southern China, encompassing Hong Kong, Macau, and several other cities in Guangdong province. It is one of China’s most significant initiatives to promote economic growth, innovation, and integration. Based on latest statistics, GBA is home to 86 million people and its economy is worth over RMB13 trillion in 2022.
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