2004News

Half-a-million pension for Lois Malkun

Diario Libre newspaper?s top story today is that of the pension Central Bank Governor Jose Lois Malkun, under whose stewardship the country has suffered the worst financial depreciation in its history, an economic collapse and a sizeable increase in poverty. Lois Malkun will reportedly receive more than a RD$500,000 monthly pension upon retiring from his post, possibly to coincide with the government changeover on 16 August. The Monetary Board yesterday agreed to grant him a pension equivalent to 90% of his present wages, which is to be indexed to the inflation rate. The amount Lois Malkun is to receive would today be equivalent to 94 minimum wages. His pension package also includes international and national medical insurance and a chauffeur at his disposal. Lois Malkun?s salary at present time is the highest for any government officer. Broken down, his earnings translate to RD$367,270, plus a RD$53,333 monthly allotment for use of several luxury vehicles and RD$73,454 for other ?attentions.? Prior to his appointment to the Central Bank in 2003, he had held down the posts of finance minister and Presidential economic advisor, both under President Hipolito Mejia. Prior to his role in the Mejia government, Lois Malkun had been living abroad.