Time for Hong Kong workers to get reasonable 5.5 per cent pay rise says union chief, as she calls out companies for not sharing the wealth
- Confederation of Trade Unions boss points to massive profits and says worker morale will be undermined by small rise
- Sun Hung Kai Properties among companies reporting double-digit growth as it posts annual profit of almost HK$50 billion
A trade union chief has called on Hong Kong businesses to give staff a 5.5 per cent pay rise this year, and said workers had not benefited from the fruits of their own labour in the past.
Carol Ng Man-yee, chairwoman of the Confederation of Trade Unions (CTU), said over the past 10 years there was an 18 per cent gap between the increase in productivity and the rise in pay in real terms for staff.
On Sunday, Ng also told bosses they should not try to use the US-China trade war as an excuse to rein in staff pay, and any wage rise below the CTU’s recommendation would adversely affect employee morale.
According to Ng, taking into account the latest official estimate of 2.4 per cent actual GDP growth, an inflation rate of 2.7 per cent, and an estimated 3.2 per cent growth in the consumer price index, the CTU believed a pay rise of 5.5 per cent increase would be reasonable.
“The 18 per cent difference between real wage growth and productivity growth over the past 10 years has reflected the fact that the city’s employees have failed to enjoy the economic benefits they contributed,” she said.
