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Career and Study

Starting salaries for graduates drop as college degrees lose glamour


Career and Study

As people nowadays have higher educational qualifications than before, college graduates are no longer regarded as second to none. The median monthly salary of fresh graduates in Hong Kong dropped to HK$10,860 in 2013 from the HK$13,158 in 1993. The ratio of college graduates taking up low-skilled jobs has increased to close to 50% in 2013 from a mere 9% in 1993. Students who graduated in 2008 had received 20% smaller pay rise after working for five years than graduates in 1993. Worse still, the continuous inflation and soaring home prices have added to the burden of young people, and home-buying seems a faraway dream.

As a way out, college graduates can consider pursuing a career in the technical fields. Meanwhile, many employers offer meal subsidies or transportation allowances to help staff relieve their burden. It falls upon the government to help young people seek employment and upward mobility. Different generations are in face of different challenges, and young people should face the reality and duly play their part. It is only when they have grown stronger and better that they can bargain for more and get rid of the stigma on them.