Assistant Manager Salary Hong Kong
Assistant Manager Salary Hong Kong – The average salary in Hong Kong is 439,000 HKD (Hong Kong Dollar) per year. Based on February 2022 exchange rates, this equates to $56,178.
If you plan to outsource to the Hong Kong Special Administrative Region (SAR), you may want to delve a little deeper into average salary statistics to better understand salary sizes and salary trends in the region.
Assistant Manager Salary Hong Kong
In this article, we explain average salary statistics and trends in Hong Kong. We will also discuss three major advantages of outsourcing to Hong Kong.
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When you dig a little deeper, you’ll find that wages for workers in the region range from HK$9,260 (the lowest average) to HK$163,000 (the highest average).
But keep in mind that these amounts are averages, with higher actual maximum wages and lower actual minimum wages.
Having an accurate understanding of the average salary range can help you determine the right wages for your employees.
The 50th percentile (or median wage) is the center of the wage distribution for Hong Kong’s working population.
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According to the Census and Statistics Department, the 50th percentile monthly income in 2020 is HK$18,400 (US$2,355). This means that 50% of workers earn less than HK$18,400 a month, while the other 50% earn more.
The average salary of an employee varies by the nature of the job.
The minimum wage in Hong Kong is HK$37.5 or US$4.8 per hour, according to the Hong Kong government’s Labor Department. Therefore, you need to pay hourly workers at least HKD 37.5 for every hour they work.
According to the Ministry of Labor, the minimum monthly salary for foreign domestic helpers in Hong Kong is HK$4,630. Domestic helpers are also entitled to a monthly allowance of HK$1,121.
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Hong Kong implemented the minimum wage ordinance in 2011 and updated the minimum hourly wage in 2019. The plan remains unchanged until 2023.
However, average hourly wages are higher in the region. According to Salary Explorer, that’s about HK$210 per hour.
As a rule of thumb, Hong Kong workers’ salaries increase with seniority.
An employee with a diploma or diploma earns 17 percent more than another employee who has completed high school.
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Likewise, bachelor’s degrees earn 24 percent more than diploma holders. For graduate students, salaries increased by 29% over graduate salaries.
Hong Kong workers get a 4% pay rise every 29 months. Hong Kong’s growth rate is low compared to the world average (3% per 16 months).
Now that we know the average salaries and salary scales of employees in different occupations, let’s take a look at how outsourcing to Hong Kong can help your business.
The Hong Kong government has established Invest Hong Kong to assist start-ups and attract foreign investment. Invest Hong Kong aims to make Hong Kong a global business center in Asia.
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In short, Invest Hong Kong assists companies in planning, establishing, launching and expanding their businesses in Hong Kong. This program can help your outsourcing business get off the ground quickly in the region.
Although Hong Kong’s economy has been affected by the business crisis caused by Covid-19, it has recently shown significant growth.
Hong Kong’s GDP grew by 7.6% in the first half of 2021 due to increased global demand for its services and products. For the full year of 2021, Hong Kong’s economy grew by 6.4%, a sharp jump from a contraction of 6.5% in 2020.
In addition, total merchandise exports to the United States, mainland China, and Europe rose sharply—due to high import demand and strong trade and production. In addition, exports to Asia also increased, but to a different extent.
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Furthermore, due to its advanced infrastructure and technology, Hong Kong is one of the leading business centers in the Asia-Pacific region.
The region has a strong ICT industry, generating HK$95.6 billion (US$12.3 billion) in revenue, or 3.5 percent of its GDP.
To further boost the industry, the government has taken several initiatives focusing on the development of the ICT (Information and Communication Technology) sector. Smart City Blueprint 2.0 is one such initiative.
In addition, it allows short-term visitors to conduct business negotiations and sign contracts while holding a visitor visa or entry permit. However, foreigners who work longer hours need to obtain a visa before starting to work or live in Hong Kong.
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In addition, Hong Kong’s high-quality immigration program helps talents from other countries immigrate to Hong Kong with ease. Under this system, these immigrants do not need to have local job opportunities before going to Hong Kong. As of 2021, Hong Kong has received more than 9,000 outstanding job seekers from 11 different countries.
Most importantly, Hong Kong is a great place to live and work because of its affordable cost of living.
According to the World Bank, Hong Kong’s inflation rate (in terms of consumer prices) is 0.3. In comparison, the United States (US) and United Kingdom (UK) have inflation rates of 1.2 and 1.0, respectively.
This means that the cost of living in an American city like New York can be four times that of Victoria (the capital of Hong Kong). Likewise, the cost of living in London is almost three times that of Victoria.
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On top of that, according to HSBC, the US and the UK charge expatriates with higher income taxes than Hong Kong’s Internal Revenue Department (IRD).
Compared with East Asian countries such as Thailand and Myanmar, Hong Kong’s inflation rate is low.
Additionally, Hong Kong has regulations in place to ensure healthy working conditions for young people (over 15 and under 18) working in industrial enterprises. These rules stipulate the maximum working hours, number of working days and weekly working hours, etc.
The region’s welcoming government and immigration policies, high-quality talent, etc. are reasons why you need to consider outsourcing there.
Hong Kong Sar Salary Guide
But be sure to read this average salary guide carefully before you decide. Doing so can help you understand whether starting a business in Hong Kong is profitable. The Kelly Services Singapore Salary Guide 2020, developed in partnership with SkillsFuture Singapore and published in August 2020, outlines the salaries professionals across occupations – including CFOs, regional HR managers and more – can expect to take home this year . This is detailed below.
HR has played a more visible role this year in helping companies respond to rapidly growing organizational demands, such as managing telework arrangements, managing layoffs and developing return-to-work plans.
The human resources department, which includes C&B, training and recruitment, can expect to earn between S$2,300 and S$15,000 per month, depending on the seniority and years of experience in the position. An HR business associate with three to seven years of experience can earn S$4,300 to S$11,500 per month, while an HR generalist/specialist with two to five years of experience can earn S$2,700 to S$5,000 per month.
Meanwhile, a regional HR manager with 5 to 10 years of experience can earn up to S$6,500 to S$10,000 a month.
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As businesses are expected to adopt technology at a faster pace, accounting and finance professionals must adapt and develop skills to stay ahead. Important skills that professionals should hone include data mining, extraction, and faster interpretation of big data. They may also consider choosing a programming language for statistical analysis or big data analysis to their advantage.
In addition to these hard skills, professionals in this field can also focus more on playing a role in the face of new technologies, such as helping companies innovate through strategic thinking.
Accounting and finance professionals can expect to earn between S$2,100 and S$26,000 a month. As for popular jobs in this field, accountants/accountant assistants with one to three years of experience can earn S$2,600 to S$4,300 per month, while accounting assistants can earn S$2,100 to S$4,000.
Additionally, Finance Professionals/Senior Finance Professionals with three to seven years of experience can expect to earn a base salary of S$4,500 to S$7,000 per month.
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Despite the growing popularity of e-commerce in recent months, brick-and-mortar stores are still far from disappearing. In fact, customer interactions today happen both online and offline, turning offline customers into online buyers and vice versa. Therefore, it becomes even more important for brands to embrace omnichannel marketing and ensure a more integrated customer experience across multiple channels.
As a result, marketing professionals will increasingly be expected to break down specialized skills in order to thrive in a digital and integrated environment. What’s more, as the market landscape continues to change, professionals must be proactive to continuously update their digital knowledge and improve their skills.
Regional marketing managers with more than 10 years of experience can apply