Variable Pay to also be offered to high-performing employees
Employees of Hong Kong Monetary Authority (HKMA) will see their Fixed Pay increase by 2.1%, the organisation announced on Tuesday.
The Fixed Pay increase includes a 1.35% allocation that is set aside for awarding good performers.
A Variable Pay equivalent to 19.93% of an employee's total pay will also be granted to staff depending on their performance in 2023.
"Variable Pay is a one-off payment to staff who have attained or exceeded the required level of performance," the HKMA said in its announcement.
The pay hike comes after the approval from the Financial Secretary through the Exchange Fund Advisory Committee (EFAC).
Annual pay adjustments
The secretary determines the pay adjustment for HKMA staff annually, giving consideration to the recommendations made by the Governance Sub-Committee (GSC) of the EFAC.
It also considers GSC's assessment of HKMA's performance in the preceding year, as well as pay-survey findings of the financial sector carried out by independent human resources consultants and any other relevant factors.
In Hong Kong, more than half of employers said they are prioritising "attractive salary" to lure more talent.
Nearly half of them also said they are offering pay raises as a special measure to retain talent, according to a survey from JobsDB Hong Kong, which polled 407 corporations in the financial hub.
