The fixed pay of most Monetary Authority staff will continue to be frozen this year, while the total variable pay will increase an equivalent of 5.6% of the total payroll for the authority as a whole, according to the annual pay review.

Variable pay is a one-off payment to individual staff who have attained the required level of performance, with the exact amount varying according to their performance in the previous year. 

For certain junior ranks, a small number of staff with strong performance can receive some adjustments in the form of fixed pay increases.

The Exchange Fund Advisory Committee Governance Sub-Committee conducts the review annually, taking into account pay surveys conducted by independent external consultants, the authority's performance in the previous year, and other relevant factors.

This year's recommendations have been approved by the Financial Secretary.