FACT SHEET – TWICE MONTHLY SALARY PAYMENT

PERMANENT SECRETARY

Cc: Hon. Dickon Mitchell, Prime Minister, and Minister of Finance

Overview

Effective April 15, 2023, the Government of Grenada will commence payment of personal emoluments and pensions to Government workers and pensioners twice per month. Faster access to income will allow workers and pensioners to fulfil commitments with greater flexibility and increase the volume of business transactions in the economy.

Government will also collaborate with the private sector to standardise this practice for the rest of the country.

Here are some Frequently Asked Questions (FAQs) with Responses:

1. When will workers receive the first part of their twice monthly payment?

April 14th 2023, given that April 15th 2023 falls on a Saturday.

2. What are twice monthly, bi-monthly, or semi-monthly salary payments?

These concepts are all similar. It means that employees will be paid half their personal emoluments (salary, wages, allowances, and pension) twice monthly or 24 times per year. This is different from fortnightly payments, which are based on hours worked.

3. What is the schedule for disbursement?

Payments will be made on the 15th and 30th of each month. When these dates fall on a weekend or public holiday, payments will be made on the working day prior to the said dates.

4. Will deductions, such as Government taxes, NIS (National Insurance Scheme), and union dues be also divided in two?

Yes, your deductions will be divided and deducted twice monthly.

5. Will I be receiving pay slips twice per month?

Yes. An electronic pay slip will be sent to your personal email address at the end of each pay period, provided that you submit your email address to your ministry or department. Pensioners can submit their email addresses to the Pension Unit, Ministry of Finance (pension@mof.gov.gd)

6. Will I incur additional fees from my financial institution for the additional deposit to my account?

No, there will be no additional charges.

7. Can I decide on the frequency of my loan payment?

Yes. In consultations with the financial institutions, they have indicated that various options will be offered to their customers, including twice monthly or monthly payment arrangements. Financial Institutions have also indicated that they are in the process of contacting their customers on the available options. Please contact your bank or credit union, if you have not yet heard from them, to discuss the best option for you.

8. Will I benefit from twice monthly salary payments?

Yes. (i) Faster access to your income provides more flexibility to meet your commitments; and (ii) more frequent payment on loans can result in lower interest costs for you.

9. Do I have the option of continuing to receive my salary monthly?

No. It will be administratively burdensome to operate various pay options, however you can choose to access and spend your salary as you currently do, that is, after the second bi-monthly payment has been deposited to your account.

10. Were stakeholders consulted before the implementation date?

The Ministry of Finance held extensive consultations with key stakeholders, such as the banks, credit unions, insurance companies, other financial entities and most importantly, the workers. The main objective of the consultations was to ensure that workers were not put in a disadvantageous position.

11. What feedback from the consultations were implemented?

• Money management sessions.
• The issuance of electronic pay-slips.
• Deductions for insurance on behalf of workers to be paid monthly to these companies.

12. When will the money management sessions be held?

The money management sessions will commence during the first week of April 2023. If you are not yet registered, please consult your Permanent Secretary or Head of Department.