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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 30) the results of the 2011 annual pay review. 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 the GSC, the Financial Secretary has approved that the Fixed Pay of HKMA staff will be increased by an average of 4.5%. 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 2010. Variable Pay is a one-off payment payable to staff who have attained or exceeded the required level of performance.
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 pay-survey findings of independent consultants in the financial sector, the GSC's assessment of the performance of the HKMA during the preceding year, and other factors considered appropriate.
Ends/Wednesday, March 30, 2011
Issued at HKT 17:36
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