According to the Ministry of Finance, personnel costs dropped by a yearly 5% to $3.40B in January 2016. In details, the fall in personnel costs was justified by a 10% year-on-year plunge in their salaries, wages and related benefits. However, retirement salaries witnessed an upturn of 5%, while service indemnities was the same in January 2015 and January 2016. Moreover, transfers to public institutions to cover salaries escalated by $2M mostly due to the rise in transfers to the Educational Center for Research and Development.
Personnel costs constituted the highest share of current primary expenditures, which plummeted from 59% in January 2015 to 49% in January 2016. As such, this fall can be attributed to higher current primary expenditures, which rose by 14% y-o-y in January 2016.
Breakdown of Salaries, Wages and Related Benefits in January 2016 (in $M)
|Military Personnel|| 184.41|| 137.31||-25.54%|
|Education Personel|| 43.12|| 49.75||15.38%|
|Civilian Personnel|| 27.86|| 27.20||-2.38%|
|Government Contribution to Employees Cooperative|| –|| 13.27|| |
|Customs Salaries|| 1.99|| 1.99||0.00%|
|Total|| 257.38|| 232.17||-9.79%|
Source: Ministry of Finance