In arriving at this decision, the CE-in-Council has thoroughly considered the staff side's response to the pay offers and other relevant factors under the established annual civil service pay adjustment mechanism, including the state of Hong Kong's economy; the Government's fiscal position; changes in the cost of living; the net pay trend indicators; and
civil service morale.
https://www.info.gov.hk/gia/general/202306/13/P2023061300256.htm