Reduction in HKMA Variable Pay

The Hong Kong Monetary Authority (HKMA) today (Thursday) announced that the Exchange Fund Advisory Committee (EFAC) has determined a reduction of 40% in the Variable Pay budget for HKMA staff in 2002.

Variable Pay is paid annually to individual HKMA staff in addition to their Fixed Pay. The exact amount paid to each individual staff varies according to his or her performance during the previous year.

Pay for HKMA staff is reviewed annually by EFAC, taking into account pay surveys conducted by an independent external consultant, an assessment by EFAC of the performance of the HKMA during the previous year, and other factors, such as the state of the economy.

The reduction in Variable Pay will bring the payroll budget of the HKMA down by 5%. This is in addition to a 5% reduction in the HKMA's headcount and a 5% reduction in the HKMA's Administrative Budget for 2002 already approved in November 2001 by EFAC.

For further enquiries, please contact:
Thomas Chan, Senior Manager (Press), at 2878 1480 or
Sylvia Yip, Manager (Press), at 2878 1687

Hong Kong Monetary Authority
28 March 2002