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The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) announced today (March 26) the result of the annual pay review for staff of the HKMA in 2008. The review was undertaken by the Governance Sub-Committee (GSC) of the Exchange Fund Advisory Committee (EFAC). The GSC﷿s recommendations have been approved by the Financial Secretary on the advice of EFAC.
The annual pay review takes into account pay surveys conducted by independent external consultants, the performance of the HKMA during the previous year, and other relevant factors.
Following the market pay trend, the Fixed Pay of HKMA staff will be increased by an average of 5.85%. The actual increases for individual staff will be awarded according to performance.
Variable Pay averaging 2.9 months﷿ salary will also be paid to staff according to their performance in the previous year. Variable Pay is a one-off payment payable to staff who have attained or exceeded the required level of performance.
With the aim of maintaining competitiveness and addressing retention problems, a sum equivalent to 2.09% of payroll has also been reserved for special adjustments to the Fixed Pay of strong performers whose remuneration has fallen behind the market.
For further enquires, please contact:
Thomas Chan, Senior Manager (Press), at 2878 1480
Wong Hing-fung, Manager (Press), at 2878 1802
Ends/Wednesday, March 26, 2008
Issued at HKT 18:32
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