HKMA pay review 2006
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 EFAC.
Pay for HKMA staff is reviewed annually by the GSC, taking into account pay surveys conducted by independent external consultants, the performance of the HKMA during the previous year, and other relevant factors.
Following the market pay trend, the Fixed Pay of HKMA staff will be increased by an average of 4.2%. The actual increase for individual staff will be awarded according to performance.
Variable Pay averaging 2.4 months' salary will also be paid to staff according to their performance in the previous year. Variable Pay is a one-off payment payable to staff who have attained or exceeded the required level of performance.
Although the GSC's recommendations on pay adjustment apply to staff at all levels, the Chief Executive of the HKMA has requested, and the Financial Secretary has agreed, that his own Fixed and Variable Pay for 2006 should be frozen at the 2005 level.
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