HKMA Pay Review 2005

The Hong Kong Monetary Authority (HKMA) announced today (Friday) the result of the annual pay review for staff of the HKMA in 2005. 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.

As a result of the pay review, the Fixed Pay of most HKMA staff will continue to be frozen in 2005. The total Variable Pay payable to HKMA staff in 2005 will be increased by an equivalent of 5.6% of the total payroll for the HKMA as a whole.

Variable Pay is a one-off payment to individual staff who have attained the required level of performance, with the exact amount varying according to their performance in the previous year.

For certain junior ranks, a small number of staff with strong performance may receive some adjustments in the form of Fixed Pay increases.

Pay for HKMA staff is reviewed annually by the GSC, taking into account pay surveys conducted by independent external consultants, the performance of the HKMA during the previous year, and other relevant factors.

For further enquiries, please contact:
Thomas Chan, Senior Manager (Press), at 2878 1480 or
H. F. Wong, Resource Coordinator (Press), at 2878 1802

Hong Kong Monetary Authority
1 April 2005