About 86% of life sciences professionals get annual pay hike

Those surveyed got 6% to 10% increments.

Amidst the rise in medical tools exports, 86% of Hong Kong employees in the life sciences sector revealed that they received yearly salary increments whilst 14% do not, US-based life sciences recruitment agency, EPM Scientific, said.

Of the percentage who got an annual pay hike, 57% received an average of 6% to 10% increments.  

Due to this, EPM Scientific sees a trend where more candidates are requesting a minimum of 20% salary hike and 15% annual bonus when they want new job opportunities.

It also found that 89% of Hong Kong commercial employees in the sector received medical coverage.

“Even though the majority of talent packages in Hong Kong include a thirteenth-month bonus, there were still mentions of other benefits, indicating that it remains an important consideration factor when job switching,” read the report.

Hong Kong’s life sciences industry adapted well during the pandemic from the fourth quarter of 2021 to the first quarter of 2022, despite political tensions.

Export of medical and healthcare equipment grew to other cities in Asia, Europe and the US but it dropped to China because of strict pandemic policies there.

Over 400 professionals from life sciences, a sector that covers pharmaceuticals and biotech firms, in the Asia-Pacific region were interviewed to create the report.

READ MORE: HK companies expect a 1.7% salary hike in 2022: survey