Data released by the Ministry of Finance (MoF) revealed that personnel costs witnessed yearly uptick of 0.79% to stand at $2.20B by April 2020. The increase during Jan-Apr 2020 was a result of the annual 4.1%, 34.5% and 9.2% upticks registered in “Salaries, wages and related benefits “,“Transfers to public institutions” and “retirement salaries”, respectively. On the counterpart, “End of service compensations” dropped by 51.8% year-on-year (YOY).
Payments for the sub-account of “Salaries, wages, and related benefits” (grasping 62.3% of the total personnel costs) rose yearly by 4.13% to reach $1.37B by April 2020. In details, “Allowances for military personnel” climbed from $169.15M to $236.15M during Jan-April 2020. Nevertheless, this increase was partly offset by the yearly drops of 14.67% and 1.09% in the salaries and wages paid to Educational and Military personnel, which totaled $208.29M and $660.70M, respectively.
In addition, payments for the sub-account of “Retirement salaries payments” (28.39% of total personnel costs) increased by 9.28%YOY to reach $624.87M by April 2020. As for “End of service indemnities” (4.82% of the total), they retreated by a yearly 51.95% to $106.13M over the same period.
Overall, Personnel costs composed 67.7% of current primary expenditures by April 2020, down from 73.3% in the same period of 2019. In addition, Personnel costs grasped a 45% stake of the total expenditures in Jan-Feb 2020.