HK monetary chief takes a 10% pay cut

HONG KONG - Hong Kong monetary chief Joseph Yam, claimed by many as being over-paid, became the first senior civil servant to take a pay cut as part of the government's belt-tightening drive.

Mr Yam, who heads the Hong Kong Monetary Authority (HKMA), reportedly volunteered to cut his pay by 10 per cent from October last year after the 11 September attacks in the United States, Hong Kong reports said.

With the 5-per-cent pay cut announced by the HKMA on Thursday, his salary will be slashed by a

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