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Average wage rate rises 9.4%

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December's average wage rate grew 9.4% in nominal terms over a year earlier, the Census & Statistics Department said.
 
About 72% of companies reported increases in average wage rates in December compared with a year ago. Twenty-five per cent recorded decreases, while the remaining 3% reported virtually no change.
 
After discounting the changes in consumer prices as measured by the Consumer Price Index A, the overall average wage rate rose 3.9% in real terms.
 
The index of payroll per person engaged rose 9.1% in nominal terms in the fourth quarter of 2011 over a year earlier. 
 
After discounting the changes in consumer prices, the average payroll per person engaged rose 3.2% in real terms in the fourth quarter over a year earlier.
 
The rates rise was the result of tight labour market conditions and the implementation of statutory minimum wage. Employees in the lower segment saw higher increases.

Source: news.gov.hk