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EMPLOYMENT
COMPENSATING for the lack of natural resources, Hong Kong's best asset is its people. A stable and motivated workforce is essential to Hong Kong's economic growth. As of the third quarter of 1992, Hong Kong had a workforce of 2.8 million, of whom 64 per cent were male and 36 per cent female. Of this workforce, 27.9 per cent were engaged in wholesale and retail trades, restaurants and hotels; 10.8 per cent in transport, storage and communications; 8.6 per cent in construction; 8.6 per cent in financing, insurance, real estate and business services; and 23.5 per cent in manufacturing. According to the survey of employmēnt, vacancies and payroll in the manufacturing sector conducted in September, 571 181 people were engaged in 41 937 establishments, including some 239 947 people in the textile and wearing apparel sectors, which are the largest employers in the manu- facturing industry, with the electronics and fabricated metal products industries being the next two largest employers.
Details of the distribution of manufacturing establishments and of the number of people engaged in them are at Appendices 17 and 18.
Unemployment for the third quarter of 1992 was 1.9 per cent, and underemployment 1.9 per cent. Compared with 1991, the unemployment rate decreased slightly. This showed that Hong Kong's labour market remained tight during the year as a result of economic activities continuing at a relatively high level albeit with signs of easing off at times.
New approaches were being adopted by employers to tackle the problem of staff recruitment and retention. Higher wages were offered while a limited number of foreign workers were allowed to be brought in. The new airport project is likely to further tighten the labour supply in the construction industry and a small number of foreign workers have already been recruited.
Wages
Wage rates are calculated on a time basis, either daily or monthly, or on an incentive basis depending on the volume of work performed. These rates continued to increase in money terms during the year. The average wage rate for all employees, including wage earners and salaried employees up to the supervisory level, increased by 10.2 per cent in money terms, or by 0.3 per cent in real terms between September 1991 and September 1992.
The average wage rate in the manufacturing sector rose by 10.3 per cent in money terms between September 1991 and September 1992. After allowing for rises in consumer prices, the wage rate increased in real terms by 0.4 per cent during the same period.
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