New Public-Sector Compensation System Implementation Continuing Until 2024/25

Implementation of the new public-sector compensation system, which commenced in December 2022, will continue until fiscal year 2024/25.

The new system aims to reduce and simplify the unwieldly 325 salary scales and 185 allowances and partly represents a continuation of the Government’s public sector transformation programme.

Governor-General, His Excellency the Most Hon. Sir Patrick Allen, made the disclosure while delivering the Throne Speech during the 2023/24 Ceremonial Opening of Parliament at Gordon House on Tuesday (February 14), under the theme ‘A Stronger Jamaica: Consolidating Our Recovery, Reigniting Our Decade of Growth’.

He also informed that in 2022, Jamaica became the first country to provide Central Bank Digital Currency (CBDC), dubbed ‘JAM-DEX’, as legal tender.

“JAM-DEX enables an affordable and convenient means of efficient and secure payments and is especially beneficial to those who do not have a bank account,” the Governor-General stated.

He also highlighted the Government’s acknowledgement of the importance of institutions in the preservation and maintenance of Jamaica’s macroeconomic stability.

Consequently, he said the Government will appoint the Fiscal Commissioner and operationalise the independent Fiscal Commission as the guardian of Jamaica’s fiscal rules, during 2023/24.

“It is also the intention to strengthen the regulations of the financial sector by unifying prudential supervision and regulation under the Bank of Jamaica, while pursuing the establishment of a separate regulator for market conduct and consumer protection,” the Governor-General further outlined.

Additionally, Regulations for nomination, selection and appointment to the Boards of Public Bodies will come into effect during the new fiscal year, to provide a transparent mechanism for persons to serve.