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Hong Kong Wage Index Drops In June

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Thursday, Hong Kong's Census and Statistics Department announced that the overall wage index dropped nominally 1.9% on an annual basis in June, in contrast to the 4.1% growth recorded a year ago.

Manufacturing wages decreased 2.1% in June, compared to the 4.5% increase seen last year. About 61% of the companies reported decrease in average wage rates in June compared to the previous year, the statistical office said. This was mainly due to reduction in guaranteed bonuses and allowances and introduction of no-pay leave schemes in some firms.

The overall average wages, excluding consumer price index, decreased by 0.3% in real terms in June over a year ago.

In the second quarter, the wage index of payroll per person in nominal terms decreased by 0.7% on an annual basis, compared to the 0.2% fall in the previous quarter.

Thursday, Hong Kong's Census and Statistics Department announced that the overall wage index dropped nominally 1.9% on an annual basis in June, in contrast to the 4.1% growth recorded a year ago. (Market News Provided by RTTNews)

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