Huge pay raises for lawmakers won’t have an impact on the economy, says BOJ Governor
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According to Bank of Jamaica Governor Richard Byles, the rise in political directorate members’ pay won’t materially affect the nation’s finances.
During a quarterly media briefing this morning, the BOJ leader took questions from the audience.
The wages of lawmakers and council members in local governments across the island will run the government roughly $1.07 billion.
According to Governor Byles, that amount represents just a tiny share of the over $100 billion being spent to pay wages and retroactive payments as part of the larger public sector reform operation.
He claims that generally speaking, salary rises, whether in the public or private sector, may only affect inflation by 0.5 percentage points.
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