The Exchange Fund Advisory Committee has decided to continue to freeze the fixed pay of Monetary Authority staff, and increase slightly the variable pay equivalent to about 0.5% of the authority's total payroll this year.

The variable pay will be distributed to staff according to individual performance during the previous year. 

The authority's annual pay review is undertaken by the committee on recommendations of the Remuneration & Finance Sub-Committee.

The review takes into account pay surveys conducted by independent external consultants, an assessment by the committee of the performance of the authority during the previous year, and other relevant factors.