The average wage rate for all major sectors surveyed taken together, as measured by the wage index, fell by 0.8% in nominal terms in December, over a year earlier. This was smaller than the decrease of 1.5% in September.

About 49% of the companies surveyed reported some decrease in average wage rates in December over a year earlier, partly attributable to reductions in guaranteed bonuses and allowances.

On the other hand, 38% of the companies surveyed recorded some increase in average wage rates over the same period.

This was partly due to retrenchment of lower-paid clerical staff and operatives and hence a rise in the proportion of relatively higher-paid workers over a year earlier. The remaining 13% reported almost no change in average wage rates.