On 22 May Hans Springer attended a briefing for staff on the 2020 Comprehensive Compensation and Benefits Review. The briefing included presentations by Debra Stokes, Vice President for Corporate Affairs; Matthew Drage, Director, Compensation, Benefits and Pension Division; and Mary Chua, Lead Consultant of Korn Ferry Consultants.
Beginning in 2005, a comprehensive review of compensation and benefits has been conducted every 5 years. (One of the results of the 2005 review was that GMIP benefits were curtailed – only for retirees, but not for staff).
The objective of the review is to ensure ADB’s policies remain competitive to attract and retain talent, in line with international trends and consistent with ADB’s development mission. This comprehensive review includes pay and allowances for staff, health & well being, pensions for staff and retirees, and non-financial benefits for staff.
The review was launched in early 2019 and will be completed in 2020. The consultants will prepare 3 reports: initiation, review and proposal reports. There will be further briefings in 2019 and 2020. AFE will follow the developments of the Review closely.