HKMA Pay Review 2007

The Hong Kong Monetary Authority (HKMA) announced today (Friday) the result of the annual pay review for staff of the HKMA in 2007. 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 4.8%. The actual increases for individual staff will be awarded according to performance.

Variable Pay averaging 2.6 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.

A sum equivalent to 1.9% of payroll has also been reserved for special adjustments to the Fixed Pay of good performers whose remuneration has fallen behind the market.

For further enquiries, please contact:
Sara Yip, Manager (Press), at 2878 8246 or
Hing-fung Wong, Officer (Press), at 2878 1802

Hong Kong Monetary Authority
23 March 2007