Bank of Estonia staff pay rises will survive budget cuts
The Bank of Estonia will increase staff members' salaries by an average of 5% this year, despite committing to cut its budget by €830,000 ($1.13 million) in 2014.
The central bank is cutting costs in an attempt to operate more efficiently but, in a statement released yesterday, highlighted the importance of keeping staff pay "roughly comparable" with the private financial sector.
"The budget of the central bank reflects the management's vision of an efficient organisation," said Bank of Estonia
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