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Eddie Lee

Salaries at the city's de facto central bank will be raised by 4.7 per cent this year, an increase described as reasonable by members of the profession.
The Hong Kong Monetary Authority will also pay a bonus equivalent to 19.27 per cent of total pay on the basis of employee performance last year.
A 4.7 per cent increase would take the salary of the authority's chief executive, Norman Chan Tak-lam, from HK$6.5 million to about HK$6.8 million.
The adjustment of his fixed pay, however, is fixed to be no higher than the inflation rate in the preceding year, which was 4.4 per cent in 2014.
Chan's current package also includes an annual performance-linked variable payment, capped at HK$2.6 million.
The wage rise was the result of a review by the Governance Sub-Committee (GSC) of the Exchange Fund Advisory Committee, which was approved by the financial secretary.
The lawmaker for the finance sector, Ng Leung-sing, said yesterday that he considered the pay increase reasonable considering the authority's performance.
Wilson Chan Fung-cheung, senior consultant to the Institute of Bankers, said the salary increase would help to attract and retain talent.
The Exchange Fund, which is used to back the Hong Kong dollar and is managed by the HKMA, reported a return of 1.4 per cent last year, its fourth-worst earnings result, because of heavy foreign exchange losses and poor returns from local and overseas stock investments.
Fund assets totalled HK$3.22 trillion at the end of January.
Norman Chan cautioned earlier that the investment environment in 2015 would be even more complex and difficult than 2014.
He was paid HK$9.41 million and HK$9.96 million, respectively, in 2012 and 2013, according to the HKMA's annual reports.
But he has earned much less than the man who held the job before him, Joseph Yam Chi-kwong, who earned a record HK$11.93 million in 2008, including HK$7.78 million of fixed pay, before leaving one year later.


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Hong Kong Monetary Authority (HKMA)

4.7pc pay rise for staff at Hong Kong Monetary Authority

Finance sector lawmaker Ng Leung-sing says he considers the pay increase reasonable considering HKMA's performance. Photo: Sam Tsang

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Hong Kong

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'Reasonable' increase will help to retain staff and attract talent, says industry consultant


Salaries at the city's de facto central bank will be raised by 4.7 per cent this year, an increase described as reasonable by members of the profession.
