Wed | Nov 29, 2023

DBJ execs 2013 salary increased by $6.46m

Published:Friday | April 25, 2014 | 12:00 AM

SALARIES AND emoluments for senior executives of the Development Bank of Jamaica (DBJ) increased last year by a total of $6.46 million, or 9.43 per cent, over the $68.48 million in 2012.

The total package for senior executives totalled $74.94 million.

The DBJ, in its annual report for financial year ended March 31, 2013, stated that the increase resulted primarily from the movement in salary for the risk manager, who was employed during the year, by $2.97 million. His full salary package was not contained in the ministry paper tabled in Parliament on Tuesday.

Retroactive salaries

Salary movement was also attributed to the payment of retroactive salaries and performance incentive.

According to the DBJ, individual packages for senior executives ranged from $5.56 million to $13.87 million and accounted for 28.17 per cent of total staff costs. Compensation totalling $1.11 million was paid to nine directors for the corresponding period.

As a requirement under the Public Bodies Management and Accountability Act 2001 (Amendment 2011), details of the compensation packages for senior executives as well as directors are to be listed in the annual reports of public bodies.

The DBJ provides financing, privatisation and technical support solutions to businesses and government to help promote economic growth and national development.

For the period under review, the DBJ disbursed 8,097 loans valued at $3.9 billion to various sectors which created new investments amounting to $12.2 billion as well as 7,271 potential new jobs.