Comparing contracts

... Extracts from contracts of BOJ governors showing variation between (incumbent) and (predecessor)

• Incumbent

Gratuity

The Governor shall be paid a gratuity in lieu of pension on the completion of the contract representing 25 per cent of the aggregate of the basic salary received by him for the period during which he serves as Governor under this agreement.

The Governor shall have the right to elect to receive a one-third portion of the gratuity on an annual basis, payable on the anniversary of this agreement during the term of the agreement.

Educational Expenses

The Bank shall reimburse the Governor for tuition fees paid annually in respect of preparatory or secondary day schools attended by his children living in his household during the term of this agreement.

(Finance Minister Audley Shaw says amount agreed was $500,000 per annum - not specified in contract)

Salary Increases

(ii) In the event that any change pertaining to increases in salaries and allowances applicable to senior management and or other bank staff or to the public sector in general creates an anomaly between the Governor's salary and the salaries paid to the employees of the bank, then the minister shall, within two months of being advised by the Board or the Governor of the existence of the anomaly, effect such adjustments to the Governor's salary as are necessary to remove such anomaly.

Housing

(b) In the event that an official residence is not available for occupation by the Governor as provided in subsection (a) above, the bank shall provide the comparable alternative accommodation for such period as may be required for the official residence to be made available for use by the Governor for the carrying out of the said official duties.

Other

The Governor shall be entitled to participate in all of the benefits, both present and future, not specifically referred to herein, which are receivable by the permanent staff of the bank, including loans relating to the acquisition of housing and or motor vehicle, save and except for such benefits which have been rolled into the Governor's salary and such other benefits to which retirees of the bank are eligible.

• Predecessor

Pension

The Governor shall be entitled to membership under the Bank's pension scheme and shall be eligible for all the benefits provided for under that scheme.

Educational Expenses

No educational benefits applied.

Salary Increases

No corresponding provision.

Housing

(b) In the event that an official residence is not provided, the bank shall lease from the Governor the residence he occupies (which shall in such case be deemed to be the official residence of the Governor) and the amount of rent to be paid to the Governor under such lease shall be based on the average of the annual rental value of the said residence as determined by two independent valuations and for this purpose, the valuations shall be effected every two years. In addition to paying the rent in respect of the lease, the bank shall also pay the cost of maintaining this leased premises as the official residence as set out in paragraph (a), other than those items of cost which, under the terms of the lease, are payable by the lessor.

Other

The Governor shall be entitled to participate in all of the benefits, both present and future, not specifically referred to herein, which are received by the permanent staff of the bank, save and except for such benefits which have been, at or before the date hereof, rolled into the Governor's salary.