Nearly half also expecting higher bonus this year: survey
More than three in four employees in Hong Kong are expecting a salary increase this year, with a majority hoping for a three to five per cent hike, according to a new report.
KPMG's Hong Kong Executive Salary Outlook 2024 revealed that 78% of employees are expecting an increase this year, slightly higher than the 74% expecting a year ago.
A majority (35%) of the respondents are hoping for an increase between three and five per cent, while 18% are not expecting a change in their pay hike, according to the report.
Another 43% said they are expecting a higher bonus from their employers this year, while 41% are expecting the same level in 2023.
Salary increases in 2023
The optimism in salary expectations come despite only 68% of employees getting an increase in 2023, lower than the 74% who were expecting one.
A majority of employees (34%) last year received an increase between three and five per cent, which the report said remains in line with the 4.65% increment for civil servants in the middle and lower salary bands.
"Assistant managers or below continued to be more likely to receive a salary increase compared to other senior levels," the report read.
In terms of bonus payments, the report said employees across all sectors received 2.43% bonus in 2023, but changes in bonus varied slightly across sectors.
Career move plans
Meanwhile, the report also found that 39% of employees are considering a career move in the first half of 2024, with majority coming from the professional services sector (49%).
According to the report, employees seek to bump their salaries up by moving to a new employer in 2024.
It found that 36% are expecting an increase between 10 and 19%, while 28% are expecting a 20 to 39% hike in salary.
The expectation comes as majority of employees who moved to a new employer last year saw their salaries increase by up to 10%.
Another 27% said they received a 10 to 19% hike, while another 23% got a 20 to 29% increase.