In a groundbreaking report released by the Census and Statistics Department (C&SD) today, it has been revealed that the median monthly wage for employees in Hong Kong has reached an impressive $20,500 for the period between May and June 2024. This marks a significant increase of 3.6% compared to the median of $19,800 from the same time last year.

Diving deeper into the statistics, the report breaks down monthly wages into percentiles: the 10th percentile stands at $10,700, the 25th at $14,800, the 75th at $32,000, and the 90th at a staggering $50,000. All of these figures show growth, with increases of 3.1%, 3.6%, 2.8%, and 3.1% respectively compared to last year.

Moreover, the median hourly wage has also seen a boost, escalating to $82.9 in May-June 2024, which is 3.5% higher than the median hourly wage of $80.1 recorded during the same time in 2023. The hourly wage distribution reveals that the 5th percentile is at $46.1, the 10th at $49.3, the 25th at $59.2, the 75th at an impressive $131.5, and the top 90th percentile at $209.3.

These figures highlight a positive trend in Hong Kong’s economy, reflecting growth in the job market as companies strive to attract and retain talent amid rising living costs. As the city faces an evolving economic landscape, this wage increase might be essential for maintaining the purchasing power of its residents.

Stay tuned for insights on how these wage trends might change as the city adapts to new economic challenges in the coming months!