Bosses at the Hong Kong Monetary Authority and the Mandatory Provident Fund Authority should take a 10 per cent pay cut, a union demanded yesterday. Hong Kong & Kowloon Trades Union Council representatives marched to the offices of the two bodies urging the action as a gesture that the bosses were in touch with reality. 'How can one justify the enormous pay gap between the Monetary Authority chief executive, who takes home $680,000 each month, and an ordinary clerk struggling to make ends meet with just $6,800?' chairman Lee Kwok-keung asked. The union said a survey found the pay of Monetary Authority chief Joseph Yam Chi-kwong was way ahead of his counterparts in countries such as Japan and the US. 'If work performance is used to determine pay, the economic performance of those regions is a lot better than Hong Kong, and the central bank presidents of those countries are only receiving their just pay,' Mr Lee said. 'But in Hong Kong, where the economy has been performing badly for the past two years, those high-earning financial officials ought to take a pay cut themselves and apologise to the public for their incompetence.' The union said the $4.26 million salary for the provident fund authority managing director was still too high, even though the Government cut it 25 per cent after pressure in February. It also questioned whether a deputy managing director, with an annual salary of $3 million, was needed. The authority said its remuneration packages were based on the recommendations of a management consultant.