Decision on HKMA staff wage cuts Thursday

HONG KONG - The Exchange Fund Investment Committee will decide Thursday whether to cut salaries at the Hong Kong Monetary Authority for the new financial year starting next month, the Ming Pao reports.

Citing a source from the Exchange Fund Investment Committee, the paper said the HKMA has submitted a proposal to cut overall wage expenses by 5%, by leaving basic wages unchanged and cutting performance-based bonuses by 40%.

HKMA Chief Executive Joseph Yam refused to comment, the paper said.

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