Average Monthly Salary Hong Kong
Average Monthly Salary Hong Kong – Compare salaries in different locations, industries and areas of expertise. Use the Morgan McKinley Salary Guide calculator to find out how much you should pay your employees or how much you can earn in your career.
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Average Monthly Salary Hong Kong
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“We still expect high wage inflation to continue in most sectors in 2022. In some cases, increases of 25-50%.”
One of your employees has asked for a raise and you need to respond. But how do you make the right decision?
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Based on information from our 2022 salary guide, we’ve outlined the highest paying jobs in the Hong Kong SAR this year.
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Salary package is also known as salary sacrifice. Wage packaging means that you and your employer agree to “package” your salary with income and benefits. For example, instead of a salary of $100,000, you can choose $90,000 as income and the remaining $10,000 can be spent on a car, for example.
This means your take-home pay is lower, which means you’re taxed less. If you would like more information, we recommend that you speak to your tax advisor, as they are best placed to provide guidance.
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Salary sacrifice (or sometimes called “salary packaging” or “total salary packaging”) means that you and your employer agree to “package” your salary with income and benefits.
For example, instead of a salary of $100,000, you can choose $90,000 as income and the remaining $10,000 can be spent on a car, for example. This means your take-home pay is lower, which means you’re taxed less. If you would like more information, we recommend that you speak to your tax advisor, as they are best placed to provide guidance.
Match your permanent annual salary (for example, $100,000) to the monetary equivalent of the benefits you receive each year (for example, $3,000).
Divide this annual value by how many days you work per year. Contractors work an average of 230 days a year. Then you divide your regular salary + benefits corresponding to the money over these 230 days.
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Contractors can generally command a higher salary – the figure is reported to be around 15% higher than that of permanent employees.
The final step in the calculation is to multiply this figure ($515) by the number of working days in an average year (230).
In this example, $515 per day equates to $118,450 annually – significantly more than the regular base salary of $100,000.
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Hong Kong Salary Calculator 2022
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The wages of domestic workers have been frozen for the second year in a row. Photo: Dixon Lee
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The minimum wage for Hong Kong’s 370,000 domestic workers will remain unchanged for the second consecutive year. This government decision is partly the reason for the economic slowdown caused by the Covid-19 epidemic.
Late last month, the government announced that the monthly interest rate would remain at HK$4,630. But compensation rises by HK$52 to HK$1,173 for workers who do not receive food from their employer. The higher compensation applies to contracts signed from October 1.
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In 1973, the government launched a minimum wage system for foreign domestic workers, setting the wage at HK$450 per month. It checks the salaries of colleagues annually. The salary of household helpers was increased by 2.4 percent in 2019 and 2.5 percent the previous year.
The last time the authorities froze the wages of domestic workers for two consecutive years was in 2009 and 2010 – this was in 2008 in the aftermath of the global financial crisis. The largest reduction occurred in 2003 during the severe acute respiratory syndrome (SARS) outbreak. At that time, officials raised the minimum monthly wage from HK$400 to HK$3,270.
There is currently a shortage of domestic workers in the city. Authorities suspended flights to Hong Kong from the Philippines in April and to Indonesia in June as both countries reported increasing cases of Covid-19. The ban has been lifted, but many entry restrictions are still in place.
The number of domestic workers in the city has dropped from 4 million in 2019 to 370 thousand last year. The shortage has led to a tender competition among employers. Many households have difficulty finding workers even after higher wages. HelperChoice is an online platform that connects helpers with employers. According to a recent study, the average salary of domestic workers has risen to HK$5,144 per month, mainly due to labor shortages.
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Domestic workers have expressed their disappointment that their minimum wage has not been increased, while employers have said the government should cut wages.
Iman Villanueva, a spokeswoman for the Asian Migration Coordination Agency, said the wage freeze was “unfair” and “disgraceful” and argued that helpers’ workloads had increased during the coronavirus pandemic.
“During the pandemic, children are at home more; parents are also working from home – it means more work for the helpers… they also have to go to the market to buy food and clean more.”
Meanwhile, Betty Yung Ma Shan-yi, president of the Hong Kong Domestic Helpers Association, said some employers were expecting cuts in the minimum wage for domestic helpers as many families faced financial hardship amid the pandemic.
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“Families with slightly lower incomes or families that depend on one source of income feel the pinch and cannot hire help to care for their elderly family members or children,” Yung added.
A government spokesperson said the main reason why the minimum wage will not change is the financial ability of households to hire helpers.
“We have carefully considered Hong Kong’s overall economic and labor market situation over the past year, as well as Hong Kong’s near-term economic outlook, including the impact of the Covid-19 pandemic in this year’s review,” the spokesperson said.
Mahi Leclerc, CEO of Helper Choice, an online platform that connects domestic workers with employers, said that helpers have their own financial pressures due to the pandemic.
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“They face huge costs and pressure to send more remittances back to their families because the financial situation is so bad at home,” Leclerc said.
When Villanueva arrived in Hong Kong in 1991 as a domestic worker, the minimum wage was HK$3,200 a month. Now, 30 years later, the level has risen to just HK$1,430.
“We’re not asking for special treatment … just a living wage,” he said. “It’s the government’s fault that we are one of the lowest paid [workers] in Hong Kong.”
Hong Kong’s severe shortage of foreign domestic workers has fueled a bidding war, with desperate employers offering to pay more than the minimum wage to secure helpers, recruitment agents said.
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There are six potential employers in Hong Kong for every domestic worker, and some offer HK$5,500 to HK$6,500 without success, says Anlija Hong, an agent at Well Harmony Employment Services.
“Almost all of them are already working, so those households that want to offer higher wages or helpers have no choice but to go through the complicated labor process from the Philippines and Indonesia.”
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