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Hong Kong has taken a significant step in addressing the economic well-being of its workers by raising the minimum wage from $37.5 to $40, effective May 1, 2023.
A 6.7% increase from the last time the rate was adjusted. (2019)
Employers must ensure adherence to the new minimum wage rate and modify their timekeeping records accordingly, as the monthly record-keeping threshold will increase to HK$16,300.
This increase aims to provide a more sustainable living standard for employees, particularly those in low-income sectors. By ensuring a higher baseline pay, the Government hopes to alleviate financial pressures and improve overall quality of life for workers across the city.
Read more about the Employment Ordinance (Amendment of Ninth Schedule) here, and the Minimum Wage Ordinance (Amendment of Schedule 3) here.
Author: Tajriyan Siddiqui, Marketing Assistant