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Government Concludes Compensation Review and Job Classification
After a six-phase process initiated in November 2022, the Compensation Review and Job Classification exercise has reached its completion, culminating in its presentation to the Cabinet on Wednesday, November 8.
Led by PricewaterhouseCoopers Trinidad and Tobago (PwC), the comprehensive review navigated through Project Planning, a Current State Assessment, Compensation Philosophy, Revised Class System, Compensation Review, Job Evaluation Methodology, and Project Close Out.
Deputy Governor, Mr. David D. Archer Jr. expressed appreciation for the work that has gone into the review, and his hopefulness for the results it may bear.
Mr. Archer said, “I am beyond pleased to know that we have now completed this portion of our long-overdue compensation review. We are committed to ensuring public officers are compensated equitably, and this is a key step in ensuring competitive salaries for the Public Service.”
In July, PwC consultants Mr. Shermarke Howard and Mr. Khari Murray visited the Virgin Islands, engaging stakeholders and conducting discussions with senior managers across ministries. An open invitation was extended to all public officers to participate directly in the process.
Premier and Minister of Finance, Honourable Dr. Natalio D. Wheatley played an instrumental role throughout the Compensation Philosophy phase, offering continuous support and feedback on key outputs. Cabinet members and public officers actively participated in consultations, underlining the collaborative approach to the project.
Financial Secretary Mr. Jeremiah Frett underscored the government’s dedication to aligning public officer compensation with industry and international standards, highlighting the importance of the completed Compensation Review and Job Classification Project.
Permanent Secretary in the Office of the Deputy Governor, Mrs. Sharleen DaBreo-Lettsome, MBE said, “This is a valuable step as we take a comprehensive look at the way we compensate public officers. The review was conducted efficiently, and allowed us to examine how we approach compensation now, and chart a clearly defined possible way forward.”
The consultants conducted various exercises to gain insight into the current compensation model’s effectiveness amid the evolving economic climate, including a comprehensive survey with 585 responses. The Final Compensation Report, after careful consideration by the Office of the Deputy Governor and the project management team, was presented to the Cabinet by His Excellency the Governor John Rankin.
A presentation on the final report was delivered to the Cabinet by Deputy Governor Mr. David D. Archer Jr., Financial Secretary Mr. Jeremiah Frett, Permanent Secretary Mrs. Sharleen DaBreo-Lettsome, MBE, and PwC consultants. Cabinet will now deliberate on the report and make a decision.
In October 2022, the Government of the Virgin Islands awarded PwC a contract valued at Three Hundred and Two Thousand, One Hundred and Three Dollars ($302,103.00) to conduct the Compensation Review and Job Classification.
Following Cabinet’s decision, stakeholders, various associations, Heads of Departments, and public officers will be promptly informed of the outcome. The commitment of the Government of the Virgin Islands to ensuring adequate and equitable compensation for all public officers remains unwavering.
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British Virgin Islands Financial Services Commission Welcomes New Leadership
The British Virgin Islands Financial Services Commission (BVIFSC) has announced new appointments to its governing board, with Mr. Gerard St Clair Farara KC stepping in as Chairman and Ms. Patlian Johnson as Commissioner. The appointments, confirmed by the Ministry of Financial Services, Labour, and Trade, mark a new chapter for the commission as it seeks to strengthen the territory’s financial services sector.
Mr. Gerard St Clair Farara KC has been appointed to a three-year term as Chairman, effective August 1, 2024. A seasoned legal expert with a distinguished career, Farara currently serves as a Commercial Court Judge for the Eastern Caribbean Supreme Court and leads the litigation team at the BVI office of COLLAS CRILL, formerly Farara Kerins. Farara’s prominence in the legal community is further highlighted by his appointment as Queen’s Counsel in 1996, cementing his standing as a leading figure in the Virgin Islands Bar and the broader Eastern Caribbean.
Ms. Patlian Johnson will serve a one-year term as Commissioner, also beginning on August 1, 2024. Johnson, a Strategy and Policy Advisor with extensive experience, currently holds the position of National Coordinator for the UNDP Project Office. She brings an impressive academic background, including a Master of Science in Economics and Finance from the University of Bristol and a Bachelor of Science in Economics and Accounting with First Class Honours from the University of the West Indies, Cave Hill Campus.
The pair will replace outgoing Chairman Mr. Robin F. Gaul and Commissioner Mr. Melvin A. Turnbull, whose terms have concluded. Minister of Financial Services, Labour, and Trade, Honourable Lorna G. Smith, OBE (AL), praised the new appointments, stating, “I am delighted to welcome Mr. Farara and Ms. Johnson to the BVIFSC Board of Commissioners. Their combined expertise will be invaluable as we continue to navigate the challenges and opportunities facing the financial services sector.”
Smith also expressed gratitude to the departing board members for their significant contributions to the growth and stability of the territory’s financial services industry. According to the Government Information Service (GIS), these appointments underscore the Virgin Islands’ commitment to maintaining a well-regulated and competitive financial services sector.
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