The average wage rate, as measured by the wage index, grew 2% in nominal terms in March, over the same month last year, the Census & Statistics Department says.

March saw 55% of companies record increases in average wage rates, while 28% saw falls. The remaining 17% reported virtually no change.

After discounting the increase in consumer prices as measured by the Consumer Price Index (A), the overall average wage rate for all the major sectors surveyed fell 0.2% in real terms.

The index of payroll per person engaged for all the major sectors surveyed grew 2.4% in nominal terms in the first quarter over a year earlier.

After netting out the effect of the increase in consumer prices as measured by the Composite Consumer Price Index, the average payroll per person engaged rose 0.7% in real terms in the first quarter.

Wage indices

For the nominal wage indices, year-on-year rises were observed in all selected major sectors in March, ranging from 0.3% to 5.7%.

For the real wage indices, there were 0.9% and 3.4% year-on-year increases in the financing, insurance, real estate and business services sector, and the personal services sector.

Year-on-year falls were registered in the manufacturing sector, the wholesale, retail and import-export trades, restaurants and hotels sector and the transport services sector, ranging from 0.5% to 1.8%.

As for the nominal indices of payroll per person engaged, year-on-year rises were recorded in all major sectors in the first quarter, ranging from 0.1% to 5.9%.

As for the real payroll indices, there were 2.4% and 4.2% year-on-year rises in the transport, storage and communications sector, and the financing, insurance, real estate and business services sector.