Tweet
How much is a governor worth?
Published: Sunday | November 8, 2009
Jamaica Employers' Federation (JEF) President Wayne Chen has argued that Jamaica is not yet at the stage where public-sector executives can be paid comparable with their counterparts in the private sector.
"If we are going to align salaries of persons who work in the public sector with that which is paid in the private sector, we must wait until after the rationalisation of the public sector has taken place," Chen told The Sunday Gleaner.
The contentious issue of public-sector salaries has been a major talking point since Prime Minister Bruce Golding told Parliament that the Government had to fire the central bank governor because the country could not afford to pay him.
Derick Latibeaudiere's salary would have moved from just over $22.9 million this year to $32 million on November 1. His contract had allowed for him to claim uncapped rent and maintenance for properties in which he lived.
$23.8 million cost
Golding told Parliament that it would have cost the country a combined $23.8 million for housing and maintenance annually as of November.
Since the development last week, many commentators have weighed in on how much the position of central bank governor is worth.
Gregory Fisher, managing director of Oppenheimer, an international investment company, who declined to say how much the position was worth, underscored that "the central bank position is crucial, and just like any crucial position you get what you pay for."
The Government was not forthcoming last week about how much it would cost for the services of Brian Wynter, who will take up the job as BOJ governor on December 1.
Chen believes that the amount paid to the head of the central bank must be in the region of $10 million for basic salary.
"It should be comparable with salaries earned by executive directors and heads of agencies such as the Urban Development Corpo-ration and Heart Trust," Chen said. It was not immediately clear last week who were the highest paid public-sector workers.
no match
Chen argues that Jamaica should not attempt to match public-sector salaries with those in the private sector because "we are not at the stage where we can afford that".
"Working in the public sector should be seen as an opportunity to make a significant contribution to national development," Chen said.
The JEF president, however, argued that persons giving public service should be adequately compensated.
"You can't afford to pay them so much that it creates a two-tiered system where the disparity between heads of organisation is so wide between themselves and the people they supervise," Chen argued.
http://www.jamaica-gleaner.com/glean...ead/lead4.html
Published: Sunday | November 8, 2009
Jamaica Employers' Federation (JEF) President Wayne Chen has argued that Jamaica is not yet at the stage where public-sector executives can be paid comparable with their counterparts in the private sector.
"If we are going to align salaries of persons who work in the public sector with that which is paid in the private sector, we must wait until after the rationalisation of the public sector has taken place," Chen told The Sunday Gleaner.
The contentious issue of public-sector salaries has been a major talking point since Prime Minister Bruce Golding told Parliament that the Government had to fire the central bank governor because the country could not afford to pay him.
Derick Latibeaudiere's salary would have moved from just over $22.9 million this year to $32 million on November 1. His contract had allowed for him to claim uncapped rent and maintenance for properties in which he lived.
$23.8 million cost
Golding told Parliament that it would have cost the country a combined $23.8 million for housing and maintenance annually as of November.
Since the development last week, many commentators have weighed in on how much the position of central bank governor is worth.
Gregory Fisher, managing director of Oppenheimer, an international investment company, who declined to say how much the position was worth, underscored that "the central bank position is crucial, and just like any crucial position you get what you pay for."
The Government was not forthcoming last week about how much it would cost for the services of Brian Wynter, who will take up the job as BOJ governor on December 1.
Chen believes that the amount paid to the head of the central bank must be in the region of $10 million for basic salary.
"It should be comparable with salaries earned by executive directors and heads of agencies such as the Urban Development Corpo-ration and Heart Trust," Chen said. It was not immediately clear last week who were the highest paid public-sector workers.
no match
Chen argues that Jamaica should not attempt to match public-sector salaries with those in the private sector because "we are not at the stage where we can afford that".
"Working in the public sector should be seen as an opportunity to make a significant contribution to national development," Chen said.
The JEF president, however, argued that persons giving public service should be adequately compensated.
"You can't afford to pay them so much that it creates a two-tiered system where the disparity between heads of organisation is so wide between themselves and the people they supervise," Chen argued.
http://www.jamaica-gleaner.com/glean...ead/lead4.html
Comment