ENG-2008 — Page 172

124 | Employment

Labour Market Situation

Hong Kong's labour force comprised 3.65 million people in 2008-53.4 per cent men and 46.6 per cent women, representing a rise of 0.5 per cent over 2007.

The majority, or 87.1 per cent, of people employed were in the service sectors: 33.5 per cent in wholesale, retail and import and export trades, restaurants and hotels; 26.6 per cent in community, social and personal services; 16.6 per cent in financing, insurance, real estate and business services; and 10.4 per cent in transport, storage and communications. Only 4.6 per cent worked in the manufacturing sector, in which about one-quarter of people employed were in the printing and publishing industry.

Employment Situation

Overall, the labour market improved in 2008, despite the global economic downturn which affected it in the last quarter of 2008. The unemployment rate decreased from 4 per cent in 2007 to 3.6 per cent in 2008, while the underemployment rate fell from 2.2 per cent in 2007 to 1.9 per cent in 2008. Total employment rose by about 35 000, from 3 483 800 in 2007 to a new high of 3 518 800 in 2008.

Employment Earnings

In 2008, 13.9 per cent of people with jobs were earning less than $5,000 a month, while the percentage of people earning $30,000 and over was 12.7. The median monthly employment earnings rose by $400 from $10,100 in 2007 to $10,500 in 2008. In 2008, the median monthly employment earnings for higher- skilled workers such as managers and administrators, professionals and associate professionals was $20,000, while those with lower-skilled was $8,000.

Wages

Wage rates are calculated on a time basis, either daily or monthly, or on an incentive basis according to the volume of work performed. The average wage rate for employees up to the supervisory level, including daily-rated and monthly-rated employees, increased by 0.7 per cent in money terms between December 2007 and December 2008. After discounting changes in consumer prices, the average wage rate dropped by 0.6 per cent in real terms. In December 2008, the average monthly wage rate for supervisory, technical, clerical and miscellaneous non-production workers in the wholesale, retail and import and export trades, restaurants and hotels sector was $11,846. Based on the wage indices, the average wage rate for this group increased by 0.7 per cent in money terms, but dropped by 0.6 per cent in real terms, compared with December 2007.

Over the same period, the average wage rate in the manufacturing sector decreased by 0.2 per cent in money terms, and decreased by 1.5 per cent in real terms. The average daily wage in this sector was $319 for craftsmen and operatives.