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Annual salary raise? What is customary in HK?

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  1. #1

    Join Date
    Aug 2021
    Posts
    4

    Annual salary raise? What is customary in HK?

    Dear Expats,
    A year ago, I got a raise in salary.
    My friend told me its very common in Hong Kong to get a raise in salary each year, so I should ask for another raise. I was wondering whats customary in Hong Kong.


    Is it common in Hong Kong to get/ask for a raise in salary each year (annually)?

  2. #2

    Join Date
    Mar 2016
    Posts
    173

    If you work for a large corporation, raise at least equal to inflation could be expected and shouldn't need you to prompt.

    If working for a smaller outfit, if it isn't mentioned explicitly I would assume you will need to be proactive. Certainly wouldn't be inappropriate to ask to at least keep pace with CPI.


  3. #3

    I'm a contractor for a global bank...it's been 4 years in HK now and no increments forthcoming...but I'm fairly happy with the rate I'm getting given the time I need to put in to get it


  4. #4

    Join Date
    Mar 2016
    Posts
    173

    Contractors often treated differently by HR/Finance and for budgeting purposes. Not much in the way of performance review etc, I would guess?

    Maybe you don't want to rock the boat, but I would strongly suspect no one would object of you asked for a raise to match with inflation (though obviously I don't know your boss or organisation).

    Good luck sir...


  5. #5
    Quote Originally Posted by MrSapSap:
    Contractors often treated differently by HR/Finance and for budgeting purposes. Not much in the way of performance review etc, I would guess?

    Maybe you don't want to rock the boat, but I would strongly suspect no one would object of you asked for a raise to match with inflation (though obviously I don't know your boss or organisation).

    Good luck sir...
    Thanks for the advice.

    The contract renewal is the performance review

    Like I said I'm fairly happy with the rate I'm getting given I've been doing the same thing in the same company for the last 4 years and getting more efficient at it so generally only need to put in 40-60% of the effort I used to...so I guess that's my version of the CPI adjustment?

    Gives me more time for the side gigs (where I can realistically get the exponential increase in dollars versus input)
    MrSapSap likes this.

  6. #6

    Join Date
    Mar 2016
    Posts
    173

    Sounds like a good gig.

    I had the same setup at my last job, effectively working two jobs the same time... I'd guess with the rise of remote working this sort of employment leverage gets more common lol


  7. #7

    Maybe this year will bring higher raises thanks to the “HK exodus” from locals and expats.

    how true is this you reckon? Apparently it’s a great period to find a job, probably more so post bonuses of April. How is the job market in financial services / fintech / banking /fin software?


  8. #8

    Join Date
    May 2011
    Location
    Sai Kung
    Posts
    3,027

    Salary raise you say. At least in line with inflation you say. 11 years 4 pay rises and only one matched (exceeded) inflation


  9. #9

    Join Date
    Jun 2018
    Posts
    719

    Obviously really depends on your niche, but talent retention (plus the huge challenges of finding staff for in demand areas, and the silly offers being demanded when you find them) are now getting very high on our risk management agenda.

    The disparity between what we are paying new hires vs existing staff is also getting embarrassingly large and there's an appetite for realignment pay rises for existing strong performers I've never seen before.

    In short everyone knows Hong Kong is sinking. If you can present yourself as a life vest you can do rather well for yourself.

    TheRoadAhead and MrSapSap like this.