2004News

RD$10 billion to hit the streets

The nation’s businesses, large and small, as well as the government, will begin handing out Christmas checks today to the tune of RD$10 billion. The Dominican government will contribute nearly a third of the total, or RD$2.88 billion. Journalist Hector Linares reports in the Listin Diario that between RD$10-RD$15 billion will enter the economy this December. Besides the traditional 13th salary known as “la regalia,” many companies will be paying bonuses to their employees, as well as other pay incentives. In the private sector, where three million people are employed, economists are estimating that the payout will be at least four times as large as the government’s amount. The central government has only 320,000 employees and other government institutions, such as the municipal governments, have another 85,000 employees. Often, the money paid out in the non-centralized institutions is greater than the 13th salary alone, since institutions like the Port Authority, Airport Department, National Lottery, Institute for Price Stabilization (INESPRE) and others pay their personnel a bonus. Other official entities that are tied to the government but operate fairly independently are the Central Bank, the Reserve Bank, the Corporation for Industrial Promotion and the CDEEE, as well as the EDEs. It is expected that these entities will pay out at least RD$500 million to their employees.