The fixed pay of Monetary Authority staff will rise by an average of 2.94% while variable pay averaging 2.3 months salary will also be paid according to staff performance in the previous year.

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.