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Cindy Sui

Hongkong Bank executive director Chris Langley has agreed to accept a pay freeze next year even if the board of directors gives him a rise.

 His announcement yesterday followed a decision by the bank this week to cancel pay increases next year for its 13,000 general staff due to declining profits and the economic situation.

 Mr Langley's salary and that of 300 other senior executives, expatriates and subsidiary branch executives are reviewed in April, whereas salaries for general staff are reviewed this year.

 Bank spokesman Gareth Hewett said the board would base the April salary review on the bank's 1998 performance and consider the economic situation at that time.

 'They could get a pay freeze. Their pay might stay the same or they might even get a pay cut,' said Mr Hewett.

 No other senior executive has made a pledge similar to Mr Langley's.

 A bank employee said yesterday that Mr Langley had made the right move as he needed to show solidarity with his workers.

 But Mak Tak-ching, organising secretary of the Confederation of Trade Unions, said: 'He makes so much money it wouldn't make a big difference to him. He's just trying to present a good image of himself.'  Lau Siu-lin, an office assistant who has worked for the bank for three years, said: 'Not getting a rise for one year is not a big deal. I accept the company's decision. It's okay that they're not giving us a rise, even though they're in profit. They should make a profit. I'm just glad we can keep our jobs and salary and health benefits.'  However, a clerk who has worked with the bank for 10 years and earns $12,000 a month, said: 'I think it's unfair. They could have at least given us a small rise, say one or two per cent. This company has always been a little stingy. In the past when the economy was good, the rises we got were lower than those given by other banks.'  The Confederation of Trade Unions held a small protest outside the bank's Central headquarters yesterday, handing out survey questionnaires to employees as they finished work. The survey asked if they felt the pay freeze was reasonable.

 Unionists said it was unlikely employees would unite to protest against the company's decision as Hongkong Telecom employees had after a pay cut proposal.

 Unionist legislative councillor Lee Cheuk-yan said some people might consider the bank a good employer for not cutting salaries, but added: 'If we consider them a good employer because they are not laying off workers or cutting pay, then we're really lowering our standards. A good employer must reward its workers when the company is making a profit.' 



Hongkong Bank boss to take pay freeze