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The fixed pay of Monetary Authority staff will rise by an average of 4.8% while variable pay averaging 2.6 months salary will also be paid according to staff performance in the previous year.
A sum equivalent to 1.9% of the payroll has been reserved for special adjustments to the fixed pay of good performers whose remuneration has fallen behind the market.
Announcing the result of the annual pay review today, the authority said the increase follows the market pay trend. Actual increases for individual staff will be awarded according to performance. Variable pay is a one-off payment for staff who have attained or exceeded the required level of performance.
The review was undertaken by the Exchange Fund Advisory Committee Governance Sub-Committee. The Financial Secretary has approved its recommendations.
The pay review, conducted annually, takes into account surveys conducted by independent consultants, the authority's performance during the previous year, and other factors.
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