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Answered: What is a good salary in Hong Kong?
Hong Kong is undoubtedly one of Asia’s economic powerhouses. However, with the high cost of living, most outsiders would wonder, “What is a good salary in Hong Kong?”
As it happens, we’re here to explore what makes a living wage in our city right now. Join us to uncover what defines a sufficient salary in Hong Kong, a city where businesses are booming while some struggle to survive.
What is a good salary in Hong Kong?
According to Morgan Mckinley, the average salary for a full-time worker is HK $36,583 per month, which is also considered a good salary in Hong Kong. This is for those who like living comfortably without being too frugal or too extravagant.
To paint you a picture, a one-bedroom apartment in the city typically costs around HK $12,000 to HK $20,000 to rent per month depending on the location, among other things such as utilities included, square footage, and such. This data is from InterNations.
Looking at One Life Passport’s data, food for the month would most likely cost about HK $3,900. However, it goes up to HK $7,800 depending on the individual. If you like living a more lavish lifestyle, it might even cost you a lot more.
When it comes to transportation in Hong Kong, it can go from HK $470 to HK $1,170. For example, if you go around Hong Kong using a taxi everyday, that would cost you a lot. That said, taking the train or the bus will cost a lot less.
Moreover, utilities would typically require HK $780 to HK $1,560.
All-in-all, you would most likely spend HK $17,150 to HK $30,530. Do note that it still depends on one’s lifestyle and spending habits so this is just based on a rough estimate.
Overall, based on the HK $36,583 average salary, this would leave a typical Hong Konger with HK $6,053 to HK $19,433 in discretionary funds!
Depending on the individual, they would also probably spend a few Hong Kong dollars on their wants like going out, getting their hair dyed, buying the shoes they’ve been eyeing, etc. Moreover, most would most likely leave the unspent money untouched for their savings.
With that in mind, HK $36,583 sounds like a good salary for most people already.
How does education and experience affect salary in Hong Kong?
Achieving a higher education and accumulating more experience affects salaries positively in Hong Kong. The individual usually has more chances to apply for high-paying jobs that are looking for more exceptional qualifications.
To quote the study from the Hong Kong government’s website: “The average income for a worker aged 45-49 with upper secondary school education is about 1.2 times higher than a young entrant aged 20-24. For tertiary-educated workers, the respective income gap between the age group 45-49 and that of 20-24 is considerably higher, at around 4.5 times.”
How does the salary in Hong Kong compare to other regions in the world?
The average salary in Hong Kong ranked 12th in the list of the highest average salaries in the world in the year 2022. This is based on the survey conducted by CEO World Magazine.
The first one on the list is Switzerland, with an average net monthly salary of 6,142.1 USD or 47,907.37.
What are the required benefits for employees in Hong Kong?
The required benefits for employees in Hong Kong are sick leaves, rest days, holidays, annual leaves, paid parental leave, and Mandatory Provident Fund (MPF).
How important are benefits in salary packages in Hong Kong?
Benefits in salary packages are important in Hong Kong. Good benefits can make a compensation package look more attractive for any company, and companies typically try to outdo each other in this area to appeal to talent they want to recruit.
