HKMA 2024 Pay Review

The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority (HKMA) announced today (April 8) the results of the 2024 annual pay review. 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 through EFAC.

     The Financial Secretary has approved that the Fixed Pay of HKMA staff will be adjusted upward by a general increase of 2.1 per cent, whereas an allocation of 1.35 per cent of Fixed Pay is set aside for awarding good performers. Variable Pay equivalent to 19.93 per cent of Total Pay will also be paid to staff on the basis of their performance in 2023. Variable Pay is a one-off payment to staff who have attained or exceeded the required level of performance.

     The Financial Secretary determines the pay adjustment of HKMA staff each year having regard to the recommendations made to him by the GSC through EFAC, GSC's assessment of the performance of the HKMA in the preceding year, the pay-survey findings of the financial sector conducted by independent human resources consultants and any other relevant factors.