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With the abundance of university graduates in the job market, a university degree is no longer a guarantee for handsome pay. In fact, statistics show the average starting salary of a fresh graduate is only HK$15,000.
Here are the hottest talking points concerning university graduate salaries on the internet:
1. Are university graduates with 10 years of working experience making around HK$30,000 a month?
2. Do university graduates who job hop get on average a 10% annual pay rise?
3. The starting salary of most government jobs is more than HK$20,000; why is the average starting salary of a fresh graduate only HK$15,000?
4. hy university graduates can’t even save 30% of their salaries?
This blog post on Heawork shared some insights on what people think university graduates make and what they actually make.
Taking a look at the numbers, the average pay for a university graduate in 2016 between the ages of 25 and 34 was HK$21250; HK$35000 for those between 35 and 44 and those between 45 and 54 made on average $45000 a month.
1. HK$30,000 a month is a dream for most. The reality is most companies offer a 1% to 3% annual rise or pay rise every two years. As a result most are earning less than HK$20,000 10 years after leaving university.
2. It is true that employers offer higher pay rises to people switching jobs. But the rise is usually lower than 10%. It is better than the 1% to 3%, but no where close to the 20% to 30% most would have thought.
3. There is no doubt civil servant jobs offer more money, but let’s be realistic, it is not a job for everyone. So stop provoking university gradates with the question: “Why don’t you apply for a job in the government?”
4. The cost of living in Hong Kong – rent, transport, food – are all sky-rocketing at a rate way higher than salary increases, making it impossible for workers to save 30% of their salary as the years go by.