JIS News

The Ministry of Finance and the Public Service has finalised a three-year contract with the Governor of the Bank of Jamaica (BoJ), Brian Wynter.
Minister of Finance and the Public Service, Hon. Audley Shaw, made the disclosure in Parliament Tuesday (November 23) while answering questions from Opposition Spokesperson on Finance, Dr. Omar Davies.
The Finance Minister noted that the monthly payment for the house which the Bank has rented for the Governor’s occupancy is US$6,500 per month.
“No funds have been spent by the Bank of Jamaica to refurbish the house; all refurbishing done has been at the expense of the landlord. However, $118,094 was spent by the Bank to prepare the premises for occupancy. This expenditure includes the cost of miscellaneous tools and gardening equipment assigned to the premises, the installation of miscellaneous household appliances and the installation of security lights,” Mr. Shaw said.
He said that while the basic salary for the current Governor is the same as his predecessor, it does not allow for unpredictable increases.
“What I have sought to do in this contract, is to frame it in such a way that there is no runaway expenditure to take place,” Mr. Shaw said.
Mr. Shaw also stated that his Ministry is working on a performance appraisal mechanism for the Governor, as his contract allows for adjustment in salary based on performance.
“There is also a general guide which I have indicated to all agencies, including the Bank of Jamaica, that they will have to be guided, like everyone else, by the standards that are set in relation to compensation in the general public service and in terms of increases,” Mr. Shaw stated.