HKMA Pay Review 2009

The Hong Kong Monetary Authority (HKMA) announced today (Friday) the result of the annual pay review for staff of the HKMA in 2009. 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 the HKMA staff will be frozen in 2009. Variable Pay averaging two months' Fixed Pay will be paid (compared with 2.9 months approved in 2008). The 2009 pay review results in a reduction of 3.4% in the total payroll of the HKMA.

Variable Pay is a one-off payment payable to staff who have attained or exceeded the required level of performance. It will be paid to staff according to their performance in the previous year.

The Financial Secretary determines the pay adjustment of HKMA staff each year in the light of recommendations made to him by the GSC through EFAC, taking into account the findings of independent consultants on pay trends in the financial sector, the GSC's assessment of the performance of the HKMA during the preceding year, and other factors considered appropriate.

For further enquiries, please contact:
Peggy Lo, Manager (Communications), at 2878 1687 or
Hing-fung Wong, Manager (Communications), at 2878 1802

Hong Kong Monetary Authority
27 March 2009