NASSAU, BAHAMAS- The Ministry of Finance has allocated funding for a comprehensive evaluation of salaries among public sector staff- excluding Members of Parliament, with the findings to serve as a partial benchmark for future discussions on compensation within the public sector according to Economic Affairs Minister Michael Halkitis.
During his contribution to the 2023/2024 budget debate in the Senate, Halkitis noted that with government aiming to attract to attract highly skilled professionals into the public sector, it recognises the need to compete with the remuneration packages offered in the private sector.
“Funding has been designated within the Ministry of Finance to undertake a thorough evaluation of salaries for all public sector staff, except MPs. This undertaking is expected to serve as a partial benchmark for future discussions regarding compensation in the public sector. What this means is that the government competes with the private sector in terms of attracting qualified individuals to work,” said Halkitis.
He added, “We want to compare the compensation in the private sector with what the government is able to offer in terms of salaries and benefits, and explore ways to improve attractiveness and draw talented people into the public sector to serve the country.”
Halkitis described the 2023/2024 budget as one of the most important budgets in the 50-year history of The Bahamas as an independent country.
He noted that there are estimates suggesting that the level of economic growth in the country will moderate. “The forecast by the IMF is that we will achieve a growth rate of 4.3 percent. If we can reach 4.3 percent, it would be good, but our aim is to surpass that number,” said Halkitis.
“We believe we are on the right track to recovery. COVID-19 has shown us how quickly things can change and how our country can be put in a precarious position. It is important that we maintain the necessary discipline to stay on the right track. We are optimistic, but cautiously optimistic,” said Halkitis.
Halkitis also revealed that the government, on behalf of the Bahamas Development Bank (BDB) is negotiating with the European Investment Bank to secure a $20 million dollar fund to encourage the adoption of green technology among small and medium-sized businesses.
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