Hong Kong graduates can expect flat pay or 5% drop this year, experts say
Recruitment firms warn of impact of weak economy and civil service pay freeze, as they urge youngsters to build skills in areas such as AI
Hong Kong undergraduates entering the workforce this year may see their pay stay flat or drop by as much as 5 per cent in the worst case against last year’s cohort, observers have said, pointing to factors such as a weak economy and a civil service salary freeze.
Experts suggested that youngsters could upskill themselves, while employers should also offer competitive salaries to attract talent.
They made their predictions after the University Grants Committee, a government advisory body that allocates funding for higher education institutions, last week revealed that the average annual salary of undergraduates in the 2023-24 academic year rose to HK$329,000 (US$42,180).
The figure is the highest recorded in the past seven academic years, marking a 4.8 per cent increase from the class of 2023.
Alexa Chow Yee-ping, managing director of ACTS Consulting, said salaries for undergraduates in the 2024-25 academic year would mostly remain the same, while those in poorly performing sectors could see a drop of 2 to 5 per cent.
Chow said the estimate was due to two factors: the city’s transforming economy amid changing consumption patterns and geopolitical tensions; and the influx of manpower from the government’s top talent pass scheme.