Both Sides of The Coin: The Story of The Central Bank of Barbados 1972-2017

38 the IMF Institute in Washington, D.C., paving the way for the Bank to commence the publication of comprehensive balance of payments statistics in 1976. Compensation and benefits The salaries paid by the Bank for many of the skillsets it needed during its formative years were attractive enough to enable it to bid persons away from the public service and the ECCA. Table 2 above provides a rough comparison of the salaries attached to various categories of non- management jobs in the Bank and the public service in 1974. In 1975, the Bank implemented the Group Life and Group Medical Insurance Schemes, allowing employees to enrol in each of these schemes on completion of three months’ service. It also started the Staff Loan Scheme whereby employees could borrow from the Bank for almost any reason at concessional interest rates. Clerical Officer Secretary 1 Clerk / Typist Assistant Accountant Economist 1 3,600 - 6,000 5,700 - 8,400 9,000 - 10,200 2,424 - 4,740 5,700 - 6,300 7,848 - 9,408 Position Central Bank Public Service COMPARATIVE SALARY SCALES FOR ENTRY-LEVEL STAFF IN 1974 ($ PER ANNUM) Source: Records of the Staff Association of the Central Bank of Barbados and the Civil Service List, 1974. TABLE 2