The fixed pay of Monetary Authority staff will rise 4.2% on average while variable pay averaging 2.4 months' salary will also be paid to staff according to their performance. The authority's Chief Executive's own fixed and variable pay will remain frozen at last year's level.

Announcing the result of the annual pay review for this year, the authority said the increase in fixed pay has followed the market pay trend. The actual increase for individual staff will be awarded according to performance. The variable pay is a one-off payment payable to staff who have attained or exceeded the required level of performance.

The Exchange Fund Advisory Committee Governance Sub-Committee undertook the review. The Financial Secretary has approved its recommendations.

The review, conducted annually, takes into account pay surveys conducted by independent external consultants, the authority's  performance during the previous year, and other factors.