HKMA 2014 Pay Review

The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority (HKMA) announced today (April 4) the results of the 2014 annual pay review.  The review was undertaken by the Governance Sub-Committee (GSC) of the Exchange Fund Advisory Committee (EFAC).

     On the advice of the GSC, the Financial Secretary has approved that the Fixed Pay of HKMA staff will be adjusted upward by a general increase of 4.65%, whereas an allocation of 0.8% of Fixed Pay is set aside for awarding good performers.  Variable Pay equivalent to 19.69%* of Total Pay will also be paid to staff on the basis of their performance in 2013. Variable Pay is a one-off payment to staff who have attained or exceeded the required level of performance.

     The Financial Secretary determines the pay adjustments of HKMA staff each year in the light of recommendations made to him by the GSC through EFAC, taking into account the GSC's assessment of the performance of the HKMA in the preceding year, the pay survey findings of the financial sector conducted by independent human resources consultants and any other relevant factors.

*Equivalent to 2.79 months of Fixed Pay on average.  Corresponding figures for last year were 19.43% of Total Pay and 2.74 months of Fixed Pay on average.

Ends/Friday, April 4, 2014
Issued at HKT 19:13