Economic boom a bonanza for graduates

Shanghai's booming economy is having a flow-on effect throughout society - and university graduates are no exception.

Monthly salaries for holders of new diplomas entering the workforce increased by nearly seven percent to 2,317 yuan (US$290) on average last year, according to the city's latest graduate wages report.

The report, released by the Shanghai Labor and Social Security Bureau yesterday, provided payment standards for 200 positions in 2,200 local companies to guide students seeking jobs in the new semester.

The overall mean figure for graduates, including polytechnic students, college and uni graduates and postgraduates, was 2,107 yuan last year, up five percent on the 2005 figure.

Master's degree holders achieved the highest income of 4,020 yuan per month. Their wage growth of 6.7 percent is second only to that of undergraduates.

Fang Zhijie, an official with the bureau's salary division, said graduates' salaries were lifted by both the economy and the huge demand in the manufacturing and services sectors.

"The city's ongoing industry restructuring has brought about demand for innovative talents with both theoretical knowledge and practical ability," Fang said.

For instance, salaries for young electronics engineers jumped 15 percent to 2,800 yuan a month.

In contrast, graduates majoring in general administration or management are facing a salary downturn.

The report said graduates working in file-management positions were paid 1,763 yuan last year, a two percent drop on the previous year.

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