A survey by ECA International showed that worker salaries in Hong Kong in real terms grew 1.6% on average in 2022 on the back of low inflation while those in Singapore declined 1.7%. In nominal terms, salaries for local workers rose 3.5% in 2022 and are forecast to rise by a further 4% in 2023. After taking inflation into account, the real forecast salary rise will be 1.6% next year, the same as in 2022. Lee Quane, regional director, Asia for ECA, said that salary growth has been undimmed by the economic challenges the Hong Kong economy is experiencing. Lee added that the average pay rise of 3.5% is significantly higher than the 2.5% workers received in 2021 and the rate of pay growth is expected to return to pre-pandemic levels in 2023.
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