#header-inner img {margin: 0 auto !important; #header-inner {text-align: Center ;} Fiji Coupfourpointfive: Bainimarama is 55 today

Monday, April 27, 2009

Bainimarama is 55 today

Fiji's interim prime minister is 55 today but does not have to worry about retiring in three days time.

Thousands will retire on Thursday, under a new State Services Decree, which the army commander is exempt from.

Instead the Commoddore will continue to earn his living by staying on as Army Commander for 10 more years until 27th April 2019.

Coupfourpointfive has calculated how much the Commander will earn in the 10 year period he stays on.

His salary is now $96,000 per annum, calculated from his $184,000 leave payout for 698 days of leave, as authorised by the former interim Finance Minister, Mahendra Chaudhry.

If the FNPF contribution remains at 16 percent for the next 10 years (employee 8 percent and employer 8 percent) from the gross salary, the Commander will have accrued $153,600 in FNPF contributions alone.

If one adds interest (average of 6 percent paid to members by FNPF) it will be close to a quarter million dollars in 10 years.

As for his salary he would have earned $58,560 per annum or $585,600 over 10 years if one calculates his nett salary (minus 31% tax and 8% FNPF).

When one adds the FNPF contribution (excluding interest) and the nett salary [$153,600 + $585,600], the Commander would accumulate up to $739,200 over 10 years.

This while his officers as well as thousands of public servants are forced to scratch the bottom of the barrel for survival.