Implementation Of Public Sector Compensation Review To Begin
By: , February 10, 2022
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The Government will commence implementing a comprehensive restructuring of public-sector compensation during the 2022/23 fiscal year.
Governor-General, His Excellency the Most Hon. Sir Patrick Allen, said this will simplify the current complicated 325 salary scales and eliminate most of the 185 allowances.
He advised that, consequent on this, compensation, in most cases, will comprise a salary payment “while ensuring that no one is worse off”.
“This allows for full transparency, whilst ensuring that jobs are adequately compensated,” the Governor-General added.
He was delivering the Throne Speech during the 2022/23 Ceremonial Opening of Parliament at Gordon House, on Thursday (February 10), under the theme ‘Building Our Jamaica: Peace: Peace, Opportunity and Prosperity’.
The Governor-General further advised that the Bank of Jamaica will roll out the country’s digital dollar this year, following a successful pilot in 2021.
This, he noted, will serve as a foundation for Jamaica’s digital payment architecture, facilitate greater financial inclusion, and increase transaction velocity, while reducing banking costs for clients.
This, he pointed out, “is a big step in building a nation of peace, opportunity and prosperity”.
The Governor-General said the Government continues to make significant steps in bolstering Jamaica’s economic resilience.
He indicated that in July 2021, Jamaica, supported by the World Bank, launched a historic Catastrophe Bond (CAT Bond), becoming the first Caribbean country and Small Island Developing State (SIDS) to independently sponsor such an instrument.
The bond provides financial protection of up to US$185 million against losses from named storms for three Atlantic tropical cyclone seasons, ending December 2023.
The Governor-General informed that in May 2021, Jamaica acceded to the International Convention on the Simplification and Harmonization of Customs Procedures, known as the Revised Kyoto Convention.
“This is the blueprint for modern and efficient customs procedures in the 21st century, and will facilitate full streamlining of processes and procedures,” he added.