…admin officer gets $2.5M, Exec assistant $1.8M per monthThe question of super salaries has raised its head once again, with the revelations that State Assets Recovery Agency (SARA) officials earn almost $5 million a month in salary and benefits and the wage bill was over $200 million in one year for the Agency.This came to light in the National Assembly on Monday during the consideration of the budget estimates for the Legal Affairs Ministry. Attorney General Basil Williams was interrogated by his predecessor, Anil Nandlall about various allocations.One that stood out was the sum of $285 million allocated under line item 6321, ‘subsidies and contributions to local organisations’. Asked to explain which organisation the money was going to, Williams revealed that it was earmarked for SARA.He noted that $10 million of the amount was for capital expenses, while the remaining would be for current expenditure. An incredulous Nandlall requested a breakdown of this amount. It was then that Williams revealed of the current amount, $225 million would be spent on wages and salaries for SARA employees in just one year.“The post of Director, the salary and benefits is $4.7 million per month,” Williams revealed. “The special assistant, that amount is $3.3 million; executive assistant, $1.86 million; Deputy Director, $3.3 million.”Williams also noted that another executive assistant was earning $688,000, while the Chief Administrative Officer was carrying home $2.5 million. In addition, SARA’s Legal Adviser earns $3 million, while a lawyer in the Agency earns $1.4 million and an administrative officer, $679,000.The Director of SARA is Professor Clive Thomas, who was at one time also Chairman of the Guyana Sugar Corporation (GuySuCo). Thomas was also appointed a Presidential Advisor when the coalition Government came to office in 2015. SARA’s Deputy Director is Aubrey Heath-Retmeyer.It was just recently that audit firm Ram and McRae suggested that SARA be scrapped altogether and its functions transferred to the Special Organised Crime Unit (SOCU), in its published ‘budget focus’ review of Budget 2019.The firm had cited some qualms with SARA, including the Agency’s failure to have its annual plan and Code of Practice tabled in the National Assembly. Pointing out that the $285 million the agency is set to receive in 2019 is an increase from last year’s amount, Ram and McRae was critical of this lapse.Also, the firm had been of the view that SARA has failed to live up to its expectations of even recovering assets.
Comments are closed. Barclays chases growth by doubling bonusesOn 19 Nov 2002 in Personnel Today Barclays Bank has doubled the amount of money it is investing in staffbonuses to help it meet its ambitious plans for growth. The bank aims to double its value every four years and has changed its bonusstructure in a bid to achieve this objective. All staff are eligible to receive a bonus connected to the company’sperformance against its key objectives. The bank also operates a profit share scheme that pays out up to 9 per centof staff salaries. Jeremy Orbell, executive director of reward at Barclays, told delegates atthe conference last week that the company’s new bonus structure has at leastdoubled the amount of money the company spends on bonuses. He revealed Barclays staff are now eligible for bonuses of up to 40 per centof salary in most cases – and as high as 100 per cent for senior staff –whereas in the past, it only used to award bonuses of between 10 and 20 percent of salary. Orbell said the improved bonus scheme was introduced to improve staffretention. “Retention of key people by direct compensation and/or otherequity is a key issue,” he said. “Cash is still king. It is very important that the annual bonus isflexible and linked to performance criteria.” Previous Article Next Article Related posts:No related photos.