Hong Kong – HKMA 2024 Pay Review

HKMA 2024 Pay Review


The following is issued on behalf of the Hong Kong Monetary Authority:

     The Hong Kong Monetary Authority (HKMA) announced today (April 8) the results of the 2024 annual pay review. The review was undertaken by the Governance Sub-Committee (GSC) of the Exchange Fund Advisory Committee (EFAC). The GSC’s recommendations have been approved by the Financial Secretary through EFAC.

     The Financial Secretary has approved that the Fixed Pay of HKMA staff will be adjusted upward by a general increase of 2.1 per cent, whereas an allocation of 1.35 per cent of Fixed Pay is set aside for awarding good performers. Variable Pay equivalent to 19.93 per cent of Total Pay will also be paid to staff on the basis of their performance in 2023. Variable Pay is a one-off payment to staff who have attained or exceeded the required level of performance.

     The Financial Secretary determines the pay adjustment of HKMA staff each year having regard to the recommendations made to him by the GSC through EFAC, GSC’s assessment of the performance of the HKMA in the preceding year, the pay-survey findings of the financial sector conducted by independent human resources consultants and any other relevant factors.

NEC Wins Telecom Review Excellence Award for Most Innovative Product/Service Globally for Telco B2B Leadership

NEC Corporation (TSE: 6701), a leading global IT and network transformation services provider, today announced that the company has been named winner of the Most Innovative Product/Service (Vendor) – Global award at the Telecom Review Leaders’ Summit 2023. This award was granted for NEC’s innovative Telecom Solutions, which significantly enhance the digital experience for B2B customers of Telecom operators and add substantial value to services offered to Small and Medium-sized Enterprises (SMEs) as well as large Enterprise/Government customers.

The Telecom Review Excellence Awards were celebrated at the 17th edition of Telecom Review Leaders’ Summit, one of the most anticipated and largest ICT events in the industry, held on December 6th and 7th, 2023 in Dubai, UAE. The event welcomed distinguished guests, including C-level executives within the ICT industry and a broad range of professionals. This marks the second consecutive year that NEC has won the award.

Based on an open and trusted partner ecosystem, NEC provides a wide range of innovative Telecom B2B solutions and services, including networking, security, and virtualization solutions, across the globe. Using its multi-vendor integration capabilities and domain expertise, NEC’s cutting-edge offerings are well-tailored to meet the business objectives of each operator, enabling them to create new revenue streams in the 5G era.

Furthermore, the uniqueness of NEC’s Telecom B2B services lies in their focus on operators’ business growth, from joint Go-To-Market, business planning to sales and technical enablement, aiming to expand their reach to enterprises. These business-oriented services help operators shift from traditional connectivity businesses to more value-added services, playing a key role in driving digital transformation for their enterprise customers.

“It is a huge honor that NEC has been recognized for this global award for our Telco B2B Solutions. Through collaborations with our trusted partners and worldwide customer base, we recognize the importance of enterprise and public businesses for operators as we support the ongoing wave of digital transformation,” said Masayuki Kayahara, General Manager, Service Provider Solutions Department, NEC Corporation. “Utilizing our decades of experience in the telecom industry, as well as our multi-vendor and multi-domain service capabilities, NEC is committed to enhancing customer value and contributing to joint business creation among 5G networks in the digital era.”

About NEC Corporation

NEC Corporation has established itself as a leader in the integration of IT and network technologies while promoting the brand statement of “Orchestrating a brighter world.” NEC enables businesses and communities to adapt to rapid changes taking place in both society and the market as it provides for the social values of safety, security, fairness and efficiency to promote a more sustainable world where everyone has the chance to reach their full potential. For more information, visit NEC at https://www.nec.com. 

Topic: Press release summary

Canada – Special Review Decision SRD2023-01, Special Review Decision: Picoxystrobin and Its Associated End-use Products

Health Canada has completed the special review for picoxystrobin. Under the authority of the Pest Control Products Act, Health Canada has determined that continued registration of products containing picoxystrobin is acceptable. Following an evaluation of the aspects of concern, Health Canada has determined that the use of picoxystrobin continues to be acceptable when used according to label directions…

Hong Kong – Hong Kong Property Review 2023 preliminary findings released

Hong Kong Property Review 2023 preliminary findings released


     The Rating and Valuation Department today (March 31) released the preliminary findings of its annual review of production and activities in the local property market.
     The preliminary findings, to be incorporated in the Hong Kong Property Review 2023, cover the major private property categories in terms of completions, take-up and vacancy in 2022 and forecast completions in 2023 and 2024, as well as price and rental data.
     Summaries of the findings can also be downloaded from the department’s website at www.rvd.gov.hk.
     Further enquiries can be directed to the department by contacting the Technical Secretary (Information) at 2150 8807.

Hong Kong – Outcome of 2023 review of MTR Fare Adjustment Mechanism

Outcome of 2023 review of MTR Fare Adjustment Mechanism


     The Government and the MTR Corporation Limited (MTRCL) have completed the review of the MTR Fare Adjustment Mechanism (FAM). The Executive Council approved the outcome of the review today (March 21). The enhanced FAM will take effect starting from June this year.

     Speaking at the press conference today, the Secretary for Transport and Logistics, Mr Lam Sai-hung, said that the Government is clear in its review objectives to strike a balance between different considerations and needs, with a view to enhancing the FAM to bring about fare moderation for the public and strengthen the linkage between MTR fares and the Corporation’s profit and service performance, as well as taking into account the long-term financial sustainability of the MTRCL, in order for it to reserve adequate resources to cope with the increasing expenses on railway maintenance and asset renewal, and co-operate with the Government in taking forward new railway projects that are beneficial to the society. The enhanced FAM and its related arrangements have the following key features:

(1) to link MTR fares directly with its Hong Kong property development (HKPD) profits through revising the calculation method of the Productivity Factor (PF) in the FAM formula (Note), in order to respond to the ongoing demands from the public and lower the fare base of the MTRCL in the long run to benefit all passengers.

     Revised arrangement for PF:

HKPD Profit in the Previous Year Productivity Factor
<$5 billion 0.6%
≥$5 billion to <$10 billion 0.7%
≥$10 billion 0.8%

Note: Overall fare adjustment rate = (0.5 × year-on-year change in Composite Consumer Price Index) + (0.5 × year-on-year change in Nominal Wage Index (Transportation Section) (Wage Index)) – PF

     Based on the HKPD profit of the MTRCL in 2022, the fare adjustment rate this year would be lowered by 0.8 percentage point accordingly;

(2) the MTRCL to offer a 1.2 per cent special fare reduction for the fare adjustment this year, in order to offset over 40 per cent of the 2.85 per cent unrecouped fare adjustment rate due to the “Affordability Cap” arrangement. The remaining 1.65 per cent recoupment will continue to be deferred. Further, the MTRCL will defer implementing another 0.2 per cent of the fare increase rate this year. In other words, a total of 1.85 per cent fare increase rate would be deferred, so as to further reduce the fare burden of passengers as the economy gradually recovers;

(3) to increase the amount to be set aside for incidents that cause disruptions of more than three hours and the maximum amount to be set aside per incident under the Service Performance Rebate (SPR), as well as introduce a peak hour multiplier to more duly reflect the impact of train service disruptions on passengers. Details are set out in the Annex. 

     Once the amount set aside under SPR reaches $25 million, the MTRCL will arrange a Special Fare Day to take place on a specific Saturday or Sunday when passengers can pay half price for taking the MTR.

     Under the new arrangement, the MTRCL shall set aside $103 million for incidents that took place in 2022 to provide four Special Fare Days;

(4) to enhance and extend various fare concessions, including raising the MTR-Green Minibuses interchange discount from $0.3 per trip to $0.5 per trip, and extending the MTR City Saver and Monthly Pass-related concessions, in order to continue to benefit different passenger groups; and

(5) to retain the existing “Affordability Cap” arrangement under the FAM to keep fare adjustments in check.

     Mr Lam emphasised that the Government has achieved a breakthrough in the current review to link MTR fares directly to its property development profit, thereby responding to the perennial calls from the community. Adopting a result-oriented approach, the fare adjustment rate this year will be lowered by 3.85 percentage point, including the reduction of 0.8 per cent under the revised PF, 1.2 per cent special fare reduction and the total of 1.85 per cent deferral of fare adjustment, thus significantly reducing the fare burden on passengers.

     The actual fare adjustment rate this year will be finalised when the Census and Statistics Department announces the Wage Index at the end of this month.