Monetary Authority staff salaries will rise 5.85% on average following the market pay trend, according to the authority's 2008 pay review. Actual increases for individual staff will be awarded according to performance.

A one-off payment averaging 2.9 months' salary will also be paid to staff according to their performance in the previous year. The payment is made to those who have attained or exceeded the required level of performance.

To maintain competitiveness and addressing retention problems a sum equivalent to 2.09% of the payroll has also been reserved for special adjustments to the fixed pay of strong performers whose remuneration has fallen behind the market.

The review was undertaken by Exchange Fund Advisory Committee Governance Sub-Committee and its recommendations have been approved by the Financial Secretary.

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