ECCB 2023-2024 Annual Report

EASTERN CARIBBEAN CENTRAL BANK ANNUAL REPORT 2023 - 2024

management system that covered a myriad of topics for knowledge and skill building, as employees vied for top spots on the completion leaderboard. I nternships The Bank provided mutually beneficial opportunities for internships during the year with 16 interns being integrated into the ECCB workforce. Interns gained valuable and relevant work experience and insights into the Bank’s operations, while providing service and

reduced pension vesting period from 10 to five years with the option for a deferred pension from the early retirement age of 55. That was a significant change allowing for greater flexibility and options for pensionable staff upon their departure. As a caring institution, alumni wellbeing is always paramount. Following careful consultation with its actuaries, the Bank welcomed the opportunity, effective 1 January 2024, for the approval and implementation of a

tiered increase of monthly pensions for pensioners who retired prior to 1 April 2022. The minimum earning used to calculate pensions was also increased by 50.0

contributing to the ECCU. Seven of the interns operated within the Bank’s flagship Bright Sparks Internship Programme which provides tertiary level students with

The option to telecommute for a specified period based on a compelling need, remained available as a work option, demonstrating the institutions proactive response to an ever evolving work environment.

per cent to ensure a livable minimum pension. Those increases were geared towards assisting with cushioning the impact of inflation over the years. H ealth and W ellness The Bank sustained a flexible work approach that supported greater work/life balance, focusing on the the health and wellness of its employees. Free access to counselling services through two qualified providers remained available to staff to support their mental health needs. Staff maintained a hybrid work schedule with two remote and three in office days, and the option of flexible eight-hour workdays with specific time bands. The option to telecommute for a specified period based on a compelling need, remained available as a work option, demonstrating the institutions proactive response to an ever-evolving work environment.

professional experience in the Information Technology (IT) industry, while preparing them to make impact through technology. C ompensation and B enefits The Bank maintained its thrust to review carefully, the design and implementation of its compensation system and benefits, to ensure that it could competitively attract and retain employees. Over the last year, the ECCB engaged Korn Ferry consultants in select activities that underpinned and supported the agreed compensation and benefit recommendations. Significant strides have been made and the aim is to fully address all applicable recommendations by the end of the 2024-2025 financial year. The ECCB’s benefits include a defined pension plan under the guidance of its Board of Trustees. This year saw the implementation of a

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