The average daily wage of construction workers increased by 1.3% quarter-to-quarter to MOP805 in the third quarter of 2022, according to the latest data released by the Statistics and Census Service (DSEC). The average daily wages of local workers (MOP992) and non-resident workers (MOP723) went up by 1.6% and 0.6%, respectively. The average daily wages of concrete formwork carpenters (MOP793), structural iron erectors (MOP801) and electricians & electrical workers (MOP892) rose by 6.3%, 4.6% and 3.4% respectively quarter-to-quarter. The Labour Affairs Bureau (DSAL) expects that, by the end of 2022, it will deliver 800 to 1,000 places in training programs for the construction industry.
Macau raises interest rate to 4.25%
The base rate of the discount window yesterday was raised by 75 basis points to 4.25%, the Monetary Authority of Macao (AMCM) announced. As the pataca is linked to the Hong Kong dollar, the movements of policy rates in Hong Kong and Macau should be “basically consistent in order to maintain the effective operation of the linked exchange rate system,” AMCM said in a statement. Hence, the AMCM followed the Hong Kong Monetary Authority to adjust its base rate.
