Stanley Fischer refuses 70% pay hike

The Governor of the Bank of Israel's successor will earn NIS 64,000 per month, instead of the current salary of NIS 38,000.

Governor of the Bank of Israel Prof. Stanley Fischer has refused a 70% pay hike. On Sunday, the cabinet is expected to raise the monthly salary of the head of Israel's central bank from NIS 38,000 to NIS 64,000.

However, Fischer has asked not to receive the pay hike.

The salary of the Bank of Israel governor is not covered by the Bank of Israel Law. Sources in the Bank of Israel say that Fischer supports the pay hike because he feels it will help the government find a better quality successor to him when he eventually steps down.

The source told "Globes," The governor wants the government to hire the highest quality person for the next term. He wants the salary raised but thinks it won't look good if he asks for it for himself. The governor unequivocally stressed that the pay rise will not apply to him."

Published by Globes, Israel business news - - on May 26, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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