Earnings Mobility of HK's Labor Force Quite High, StudyThe earnings mobility of Hong Kong's labor force was quite high over the past decade, according to the findings of a recent study released Friday.A government secretariat spokesman noted that the earnings position of Hong Kong's labor force could be seen as generally mobile when traced over a longer period. Those who possess the capability and are willing to work hard could gain better income even though their initial income level may be low. Conversely, those who are lax in their efforts and are unable to keep up their skills with the times could lose out even though their initial income may be relatively high, he said. Thus, the spokesman said that continuous betterment of knowledge and skills, coupled with devotion to work, is the best way for individuals to strive for improved income and better standard of living, thereby collectively also enabling the economy at large to flourish. The study by the Hong Kong Institute of Economics and Business Strategy of the University of Hong Kong found that for employed persons in the bottom quintile (lowest 20 percent of the earnings distribution) in 1991, 58 percent of them had succeeded to move up the earnings ladder in 2000. It also found that for employed persons in the top quintile (highest 20 percent of the earnings distribution) in 1991, 60 percent of them managed to retain their top position in 2000. For employed persons in all the quintiles taken together, the probability of moving up, staying put and moving down the earnings ladder were estimated at 31 percent, 38 percent and 31 percent respectively over the period from 1991 to 2000, it showed. |
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