Bonus woes at regulator

PANAMA. The payment of an “executive bonus” of $2000 to six executives of the Panama Bank Superintendency is causing problems for the institution.

Sources closed to the Superintendent told La Estrella that the matters got worse after only six high ranking employees received a pay raise of $2000, although they were already earning $5,500 per month.

But of the six increases, the one which most annoyed employees, was the one given to the Economics Studies director, Corina Guardia, who has been employed at the Superintendency for only two moths.

Some workers who preferred to remain anonymous said that “there are people here who have worked for years and earn pittance. This is very unfair.”

The Human Resources directors, Ileana Chen, who was the promoter of the wage increases, is in the same situation, because she has less than a year working for the banks watchdog.

The workers said that the “policy for the retention of critical posts” is not what it seems, because those executives do not carry out sensitive work that could put the superintendency in jeopardy if they leave.

Employees who did not receive any pay increase this month after the earlier job evaluations, are expected to get it in October.

The problems within the banking ombudsman began in March when the Superintendent, Olegario Barrelier took the decision to pay “an executive bonus” of $2000 per month to six high ranking employees in:general secretariat, banking supervision, economic studies, legal department, administration and finance and human resources. Barrelier has not explained his actions.