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Harvey Kong

Hong Kong employees received an average pay rise of 2.7 per cent this year, the lowest since the Covid-19 pandemic, as companies balanced staff retention with an uncertain operating environment influenced by geopolitical tensions, a survey has found.
The study, conducted by the Hong Kong Institute of Human Resource Management (HKIHRM), also forecast that salaries could increase by an average of 3.5 per cent next year, with most employers still undecided about whether to raise wages.
Gathering data from 167 companies in Hong Kong between January and September, the institute found that the average salary growth was 2.7 per cent, a 0.5 percentage point decrease compared with last year.
“The figure of 2.7 per cent is a fairly low increase since the pandemic. I believe that in 2024 everyone was under pressure in terms of manpower supply, so everyone hopes to raise salaries further to attract, fight for and retain talent,” Lawrence Hung Yu-yun, the institute’s former president and member of its executive council, said on Tuesday.
“In 2025, everyone knows that due to international relations and geopolitics, there are some fluctuations in the economy.
“In this uncertain environment, I think that firms will have to balance operational factors or the operational environment; they will also have to think about how to deal with their manpower establishment or talent retention [and] find a balance.”

According to past survey data from the institute, this was the lowest pay rise since it recorded an average increase of 1 per cent in 2021.
Asked what they considered when deciding salaries, 76 per cent of companies said business performance was their primary consideration, with Hong Kong’s economic conditions the second most important factor.
Hung also noted that among the 167 companies surveyed, 88.6 per cent raised salaries, while 11.4 per cent froze pay.
The study also projected an average salary increase of 3.5 per cent in 2026, with 30 per cent of firms planning to raise wages and 68 per cent still undecided.
“Last year, the number of companies that had not yet decided to make salary increases during this time was fewer; it was around 33 per cent,” Hung said.
“The sentiment among employers to wait and see this year is a bit stronger, as everyone may need to study the economic data and situation before making a decision.”

Asked if he was confident that wages would rise by 3.5 per cent, Hung said he was cautiously optimistic based on the signs of recovery in Hong Kong’s economy.
He pointed to improvements in the housing market and higher tourist spending, supported by the stability of the yuan.
“These are favourable factors that I hope will give everyone confidence that the Hong Kong economy has a certain amount of improvement,” Hung said.
“I also believe that company policies and performance will greatly affect how much they will increase wages by, so I am personally cautiously optimistic about the 3.5 per cent forecast.”


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The Hong Kong Institute of Human Resource Management has found that the average salary growth was 2.7 per cent, a 0.5 percentage point decrease compared with last year. Photo: May Tse

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David Chen, consulting director of data services benchmarking at CIIC Management Consulting (left), and Lawrence Hung, former president and executive council member of the HKIHRM. Photo: May Tse

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News

Hong Kong

Hong Kong Economy

Data from 167 companies between January and September shows a 0.5 percentage point decrease in average salary growth compared with last year


Data from 167 companies between January and September shows a 0.5 percentage point decrease in average salary growth compared with last year.


Salaries

Jobs

Hong Kong workers’ 2.7% pay rise lowest since Covid pandemic: study

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Data from 167 companies between January and September shows a 0.5 percentage point decrease in average salary growth compared with last year

Data from 167 companies between January and September shows a 0.5 percentage point decrease in average salary growth compared with last year