JIS News

Governor of the Bank of Jamaica (BoJ), Brian Wynter is to sign a contract for his tenure as head of the central bank with the Government within a few days, Minister of Finance and the Public Service, Hon. Audley Shaw has disclosed.
Mr. Shaw was responding to questions put forward by Opposition Spokesman on Finance, Dr. Omar Davies, in the House of Representatives yesterday (October 26) concerning the finalisation of the contract.
The Finance Minister informed that time has been taken to ensure that the terms of the contract are appropriate to the post of the Governor, while being consistent with government’s overall public sector wage policies. “This has necessitated a different approach to developing the contract because although the Bank of Jamaica Act gives the Minister authority to determine the contract with the Governor, it was out of an abundance of caution that we decided to work with the Cabinet Office to come up with a format that is consistent with the overall public sector,” he said.
Mr. Shaw explained that in the absence of a contract, the BoJ put in place suitable arrangements to compensate the Governor for his services. He said that advances and the provision of other benefits in kind are determined by the basic provisions of the compensation package that were verbally agreed on between himself and Mr. Wynter prior to him demitting his previous employment in Barbados.
“The interim arrangements comprise the making of monthly advances on salary payable based on the level of compensation paid to the former Governor, reduced by provisions for statutory deductions on both the cash and non-cash elements of the likely emoluments,” he informed.
Non-cash elements relate to the provision of accommodation. As set out in the arrangement, Mr. Wynter has been reimbursed for expenses associated with relocating himself and his family from Barbados to Jamaica.
The Finance Minister said the Government intends to return to the previous policy where Governors of the BoJ are housed in an official residence and to this end, a house is to be constructed on lands owned by the BoJ in Norbrook, St. Andrew.
In the interim, a rental arrangement, suitable for Mr. Wynter and his family, has been entered into, the details of which Mr. Shaw said he would provide to Dr. Davies.

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