TNAG-2977-FCO40-1469-Economic-policy-in-Hong-Kong-1982 — Page 140

(5)

payroll per person employed in manufacturing increased by

Salaries

5% in real terms between March 1981 and March 1982.

in the tertiary services sectors also continued to increase.

The rate of increase was most rapid

rapid in the restaurants and

hotels sector, where payroll per person engaged rose by 10% in

real terms reflecting increased demand arising from the

opening of new hotels. The upward revision in civil service

salaries on 1st April by an average of 15% represented an

increase in real terms of 1%.

4.14

The index of construction wage rates increased in

money terms by 12% during the twelve months ending June 1982 (6)

After allowing

was a slight

•

increase in real terms.

for inflation, there

(5)

(6)

Total payroll is the amount of direct cash payments that employees receive from their employers. It includes wages and salaries, overtime pay, various cash allowances, bonuses and gratuities, severance and termination pay and pay in lieu of leave, etc. In contrast to the derivation of the rate of increase in manufacturing wage rates where six-monthly averages of the Consumer Price Index (A) up to and including the month indicated are used as the deflator, the computation of the rate of increase

the rate of increase in payroll used the monthly Consumer Price Index (A) as the deflator.

Index of construction wage rates

(January 1970=100)

% change on

Index

a year ago

1980

Mar

457.4

15.4

Jun

472.1

14.3

Sep

488.8

12.8

Dec

517.4

14.9

1981

Mar

533.6

16.7

Jun

544.3

15.3

Sep

550.1

12.5

Dec

572.6

10.7

1982

Mar

598.4

12.1

Jun

611.7

12.4

34

41