Salaries set to rise 8pc
SALARY increases in the retail sector are likely to be eight per cent next year, according to the Retail Management Association.
This follows a recommendation by the Hong Kong General Chamber of Commerce last month that increases should be kept to nine per cent and a survey by the Institute of Personnel Management published on Tuesday saying the rise would be less than 10 per cent.
'Overall logic is that in many cases the salary increase given in 1994 of around nine to 10 per cent was just above the inflation rate for 1994,' said a spokesman of the association.
'It is expected that inflation will be much lower in many areas for 1995. Salary increases for 1995 should reflect expected inflation and, if not careful, the higher the salary given the higher the inflation rate, so it becomes a self-perpetuating circle.'