WILLEMSTAD - The Supervisory Board (RvC) of the Central Bank of Curaçao and Sint Maarten (CBCS) is requesting that the government deviates from the current legal salary caps and approves a higher maximum salary for the Executive Board (RvB). This request has been submitted to the Minister of Finance in Curaçao, Javier Silvania, and his counterpart in Sint Maarten, Marinka Gumbs.
The current legislation sets a maximum salary of NAf. 386,000 per year for top officials within the government and related entities. The CBCS is asking to increase this amount to NAf. 501,800 per year, which is 130% of the current maximum, as allowed by the National Ordinance on Standardization of Top Incomes (LNT). This request follows a benchmark conducted by KPMG in 2017, which found that the then-current salaries of the RvB were higher than the average in comparable sectors.
In a letter, Interim Chairman Julian Lopez Ramirez of the RvC emphasizes that the current maximum salary is lower than the results of the KPMG benchmark. According to the RvC, it is necessary to raise the salary cap to ensure the quality of governance and to attract high-caliber professionals. “The difference in remuneration must be maintained given the weight of the positions and the differences between the RvB and the management layer,” writes Ramirez.
Since the introduction of the LNT, discussions have been held between the CBCS and the governments of Curaçao and Sint Maarten. These discussions have led to the current request to adjust the salary cap. The RvC points out that while the law allows for an increase to 130%, this amount is still below the benchmark established by KPMG.
The CBCS warns that maintaining the current maximum salary could affect the ability to attract qualified individuals for critical positions. By increasing the maximum salary, the CBCS hopes to attract and retain more qualified professionals within their organization.
The request from the CBCS is now with the Ministers of Finance, who must decide whether to agree to the proposed adjustment of the salary cap.