CLP delivers shock to pay packets of the lucky few
First the good news: Cathay Pacific Airways' 12,500 staff will receive an average 1.8 per cent pay increase next year, while Hong Kong Exchanges and Clearing employees will get a 2 per cent rise.
Now the bad news: It won't be enough to foot the increase in their electricity bills.
CLP Holdings announced a 2.6 per cent rise in electricity charges next year, after cutting its tariff 3 per cent this year.
For a change, Hong Kong Island residents are happier, because Hongkong Electric will freeze its tariff next year, after a 5.9 per cent cut this year.
Electricity prices are a good indicator of how the economy is doing. While gross domestic product is tipped to shrink 3 per cent this year, the rebound trend in the fourth quarter is extrapolated by Hang Seng Bank to GDP growth of 3.5 per cent next year.