Cost of hiring staff escalates from the previous year
Salaries, wages and related benefits payments which mainly include the cost of basic salaries, indemnities and allowances, increased by LL464 billion, from LL3,353 trillion in January/December 2010 to LL3,817 trillion in January/December 2011, the Finance Ministry said Wednesday.
Of the LL464 billion increase witnessed, LL427 billion or 92 percent are explained by payment of retroactive wages to military personnel holding other factors constant. The ministry added that payments of salaries, wages and related benefits have been gradually increasing since 2008.
A significant increase witnessed in 2009 as compared to 2008 amounting to LL649 billion (24 percent) is primarily the result of the decision taken to increase the minimum wage of public sector employees by LL200,0001 from LL300,000 to LL500,000 per month.
The government has not yet approved wage increases for public sector employees for 2012.
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