Business

585 compensation review survey responses received

Published

2 years ago

March 8, 2023

Editor

By Officer of the Deputy Governor

(PRESS RELEASE) – Consultancy firm PricewaterhouseCoopers Advisory Services Limited (PwC) has reported that 585 survey responses were received and 15 stakeholder meetings were held with Public Officers across the Virgin Islands Public Service.

PwC consultants identified specific themes that were consistent across all stakeholder meetings in the Current State Assessment phase of the compensation review.

The themes included the cost of living, low grading of technical positions, merit vs. seniority, resources on the Sister Islands, disparity in allowances, the profile of the workforce, and the perception of the pension scheme.

Meetings were held with different groups of public officers including: Human Resources Managers, Law Enforcement Agencies, Legal Offices, Technical Departments, Educational Departments, Legislators, Ministerial Officers, Policy and Administrative-driven Offices, Senior Managers, Health and Social Services, Unions and Associations, Private Sector entities, Environmental Health and Workforce Development, Teachers and Sister Islands officers.

PwC also created a survey to gauge individual officers’ feelings regarding compensation to capture feedback from those who were not covered in the stakeholder meetings. The 10 to15 minute long survey have received over 585 responses to date, a feat that Permanent Secretary Mrs. Sharleen Dabreo-Lettsome says is a major accomplishment.

“The sheer number of feedback received during the Current State Assessment is very impressive and will hopefully capture a picture of public officers’ feelings regarding the current compensation package,” Mrs. DaBreo-Lettsome said.

The Permanent Secretary who sat in on each stakeholder meeting said that during the stakeholder meetings, the compensation review team was able to get an understanding of the day-to-day ramifications of compensation in the service.

“This means that as PwC moves towards developing a new compensation philosophy, the experiences of actual public officers will guide these decisions,” Mrs. DaBreo-Lettsome explained.

In addition to the stakeholder meetings and survey feedback, a total of 47 documents were requested to inform the Current State Assessment Report. All documents were subsequently received by PwC, who will submit the draft Current State Assessment Report on March 10. The report will capture the “as is” state of the Public Service, potential issues will be identified and key documentation will be reviewed to build an understanding of the Public Service.

The next phase of the Compensation Review is the “Compensation Philosophy & Revised Classification System”. During this phase, a compensation philosophy and revised classification system will be developed and will encompass a review of leading practice classifications and job coding frameworks, such as the International Standard Classification of Occupations (ISCO).

The compensation review seeks to address remuneration disparity, further support the retention, engagement and motivation of skilled and competent officers to effectively deliver public services, and to move toward a ‘Total Rewards’ Scheme that promotes high performance.

The contract for the Compensation Review was signed with PwC in October 2022 and is valued at Three Hundred and Two Thousand, One Hundred and Three Dollars ($302,103.00). The project is scheduled to conclude in August.

The Government of the Virgin Islands is committed to effective human resources leadership and partnership to drive Public Service Excellence.

Related Topics:BVI News Featured PricewaterhouseCoopers Sharleen Dabreo-Lettsome

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Business

BVI Financial Investigation Agency and Jersey Financial Services Commission Sign Agreement to Strengthen Cooperation in Tackling Financial Crimes

Published

1 month ago

October 31, 2024

Editor

The Financial Investigation Agency (FIA) of the British Virgin Islands (BVI) has recently strengthened ties with the Jersey Financial Services Commission (JFSC) through a Memorandum of Understanding (MoU) signed on 25 October. The agreement formalises a cooperative framework for consultation and information-sharing between the two regulatory bodies, enhancing their oversight in financial regulation.

The MoU signals a shared commitment by the BVI and Jersey to uphold rigorous financial standards and combat financial crimes. By sharing essential intelligence, the FIA and JFSC aim to bolster efforts to detect, prevent, and investigate crimes such as money laundering, terrorist financing, and proliferation financing.

Errol George, Director of the FIA BVI, expressed the importance of the partnership, stating, “The signing of this MoU establishes a framework for information exchange between the FIA BVI and JFSC, supporting compliance with the laws, regulations, and rules relating to the functions of our Authorities. I am indeed pleased with the progress we are making in the Territory to tackle financial crime.”

Through this agreement, both agencies will, upon request, provide critical information that strengthens regulatory practices across the Designated Non-Financial Businesses and Professions (DNFBP) sector. Shared data will include details on corporate structures, management standards, and organisational quality, all essential for effective supervision.

Business

Virgin Islands Secures $100 Million Loan to Drive Infrastructure and Community Development

Published

1 month ago

October 31, 2024

Editor

The Government of the Virgin Islands has announced a major financial commitment toward infrastructure and community advancement through a $100 million loan facility with CIBC First Caribbean Bank (Cayman) Limited.

Premier and Minister of Finance Honourable Dr. Natalio D. Wheatley described the agreement as a transformative step, stating, “Today, the Government of the Virgin Islands is signing on to a $100 million loan facility with CIBC First Caribbean Bank (Cayman) Limited. The proceeds of this loan will fund a diverse number of projects that will be of immense benefit to the Virgin Islands’ economy and people.”

This substantial funding will enable a series of high-priority projects across education, public safety, healthcare, infrastructure, and housing. The initiatives are designed to stimulate economic growth, enhance public services, and address critical community needs in the Territory.

A central feature of the development plan includes constructing a new building at Elmore Stoutt High School for the Virgin Islands School of Technical Studies. This facility will provide vocational training in high-demand fields, including mechanics, woodworking, and culinary arts, to equip students with practical skills aligned with the Territory’s workforce needs.

In public safety, the government will establish a National Detention Centre that meets international standards for the management of illegal immigrants and individuals denied entry. This facility will help reduce the Territory’s housing costs and will also include a dedicated training area for law enforcement, underscoring the government’s commitment to maintaining security and professional training standards.

Healthcare enhancements are planned through extensive refurbishments and expansions at Dr. D. Orlando Smith Hospital. These improvements are intended to increase capacity, improve patient care, and provide upgraded facilities for healthcare professionals, responding to the growing demand for high-quality healthcare services in the Virgin Islands.

Significant infrastructure projects are also slated, including comprehensive road improvements across the Territory. This work will encompass upgrades to drains, pavements, and traffic management systems, aimed at improving road safety and easing transportation flow. Additionally, key sewerage projects are set for completion in Cane Garden Bay, East End-Long Look, and Paraquita Bay, addressing longstanding public health and environmental concerns.

To further enhance public utilities, the government will expand the water distribution network throughout the Territory, ensuring more residents have access to reliable water sources. Renovations are also planned for the Ralph T. O’Neal Administration Complex, aimed at reducing dependency on rented facilities and providing improved working conditions for government employees.

The Terrance B. Lettsome International Airport will see various upgrades to better accommodate increased passenger traffic, supporting tourism growth and enhancing the travel experience for residents and visitors alike.

In response to pressing social needs, the government will also construct a three-storey social apartment building, designed to provide temporary shelter for the homeless and victims of domestic violence, addressing a critical gap in community support.

Dr. Wheatley emphasized that the initiatives funded by this loan facility will generate employment opportunities and stimulate economic activity while addressing core community needs. “This funding supports projects with far-reaching and lasting impacts for the Virgin Islands, improving quality of life and promoting sustainable development across the Territory,” he said.

Business

FirstBank Customers Accounts Show Zero or Negative Balances Electronically

Published

1 month ago

October 22, 2024

Editor

– Persons Accessing Cash In Bank

This morning account holders at 1FirstBank awoke to discover that their online account balances had disappeared. A widespread issue, affecting both personal and business accounts, has left customers unable to access their funds, with many reporting negative or zero balances on the bank’s digital platform.

The issue was discovered early Tuesday morning when users attempting to log in to their accounts were met with unsettling balances, with some even seeing their accounts marked as overdrawn despite no recent transactions. Several customers described seeing a balance of zero on their account’s home screen despite previously having substantial savings.

“I thought it was just me, but when I called a friend who banks with FirstBank, they had the same problem,” said the account holder. “It’s incredibly stressful, especially since there’s been no word from the bank yet.”

The problem, which seems to have affected customers across the territory, has prompted many to visit local branches in person. Several individuals reported being able to access their accounts once they arrived at the bank. However, the disruption has rendered ATM services and card transactions nonfunctional, leaving customers unable to withdraw cash or make payments.

JTV News reached out to 1FirstBank, where a representative confirmed that the electronic banking system is currently down and the matter is being addressed at the international level. Customers were advised that, for the time being, they would need to visit a branch to resolve any issues, as card swipes and ATM withdrawals were temporarily disabled.

While FirstBank has yet to release an official statement on the cause of the outage, customers are growing increasingly concerned about the safety of their funds. The nature of the problem—whether it is a technical glitch or something more serious like a security breach—remains unclear.

At this stage, it is unknown when the issue will be resolved or if all accounts will be restored to their proper balances.

The financial uncertainty has left both personal and business account holders on edge, with some businesses reporting disruptions in their daily operations due to the inability to access company funds.

JTV News will continue to monitor the situation closely and provide updates as more information becomes available.