Salaries at the world bank: The World Bank Average Salaries

World Bank Salaries in Virginia: How much does World Bank pay in Virginia?

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Updated December 12, 2022

Average World Bank salary in Virginia

To create our salary estimates, Zippia starts with data published in publicly available sources such as the U.S. Bureau of Labor Statistics (BLS), Foreign Labor Certification Data Center (FLC) Show More

$34.18 hourly

Entry-level World Bank salary in Virginia

$41,000 yearly

$41,00010%

$71,101Median

$121,00090%

How much does World Bank pay in Virginia?

The average World Bank salary in Virginia is $71,101. World Bank salaries range between $41,000 to $121,000 per year in Virginia. World Bank Virginia based pay is higher than World Bank’s United States average salary of $68,369. The best-paying job in Virginia at World Bank is chief information officer, which pays an average of $168,672 annually.

World Bank salaries in Virginia by job title

World Bank’s highest-paying job in Virginia is chief information officer, with an average salary of $168,672. In second place is economist research assistant, which pays $167,704 annually in Virginia.

Highest paying jobs at World Bank in Virginia

World Bank salaries in Virginia by department

Highest paying departments at World Bank in Virginia

World Bank competitors salaries in Virginia

The highest paying World Bank competitor in Virginia is Moody’s. The average salary at Moody’s in Virginia is $168,672. The lowest paying World Bank competitor in Virginia is Inter-American Development Bank.

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Frequently asked questions about World Bank pay in Virginia

What is the starting pay at World Bank in Virginia?

The starting pay at World Bank in Virginia is around $41,000 per year, or $20 per hour.

How much does World Bank pay hourly in Virginia?

World Bank pays $34 hourly in Virginia, which is 4% above the national average.

How much does World Bank pay Chief Information Officers in Virginia?

World Bank pays chief information officers in Virginia around $81 per hour, or $168,672 per year.

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Updated December 12, 2022

World Bank staff incentives – Bretton Woods Project

IFI governance

Background

8 April 2013 | Inside the institutions

The World Bank Group’s staff incentives and compensation schemes are considered important drivers of the Bank’s successes and failures. According to the Bank’s 2012 review of its compensation schemes, they are reviewed every year in order for the organisation to remain a competitive employer which attracts “global talent”.

In 2010 the World Bank Group adopted its internal reform agenda with the objective of making the Bank “more efficient, effective and accountable”, which has implications for staff incentives. In financial year (FY) 2012, the total staff costs were $734 million for the International Bank for Reconstruction and Development (IBRD, the Bank’s middle-income country arm), $750 million for the International Development Agency  (IDA, the Bank’s low-income country arm) and $524 million for the International Finance Corporation (IFC, the Bank’s private sector arm).

There are two basic types of staff compensation, variable and fixed pay. Variable pay depends on staff performance measured by a pre-determined set of criteria, while fixed pay does not. The Bank does not provide details of the criteria it uses. Variable pay schemes can broadly be divided into performance-based salary increases and performance-based awards.

Performance-based salary increases

Within the performance-based salary increase, common to all World Bank Group institutions, there are two types of increases: the basic performance-based salary increase (PBSI) and the supplemental merit increase (SMI). For FY 2012, they together accounted for 2.8 per cent of the total staff costs. The size of a staff member’s PBSI depends on their performance evaluation, called the salary review increase (SRI, ranging from a low of 1 to a high of 5) and the staff member’s starting salary. For the same SRI, the PBSI is higher for salaries up to $60,100 and lower for salaries from $197,200 upwards. For example, a staff member with SRI 5 and earning a high range salary would get a 2.1 per cent increase, whereas a staff member with the same SRI score but earning a low range salary would get a 5.7 per cent increase. The SMI is an additional salary increase only available to staff with either SRI 4, who receive an additional 0. 5 per cent, or a rating of 5, who receive 1.5 per cent more.

Table 11: FY12 Performance-Based Salary Increase Matrix

Salary Range Zone	SRI Performance Category
	2	3		4		5
		Min	Max	Min	Max	Min	Max
1	0.0%	0. 60%	3.10%	3.60%	4.40%	4.90%	5.70%
2	0.0%	0.60%	2.10%	2.40%	3.00%	3.30%	4.00%
3	0.0%	0.60%	1.30%	1.40%	1.60%	1.70%	2.10%

SRI ratings are given relative to the performance of colleagues in a department. The Bank’s corporate guidelines cap SRI 4 and 5 ratings at 25 per cent and 11 per cent, respectively, per department. Several criteria are used to judge staff performance for the SRI ratings which are not consistent across departments. Staff have annual objectives which the evaluations are conducted against. The IBRD and IDA did not provide details about what criteria are used. At the IFC, there are four main factors for an investment officer: hitting volume targets, financial return of investments, contribution toward the IFC development goals (see Update 81), and ratings on the development outcome tracking system (see Update 62, 58). However, currently no fixed formula is used for weighting these criteria in the review process, meaning departments have freedom to assign weightings as managers see fit.

Performance-based awards

Performance-based awards, commonly known as bonuses, are increasingly being used. For FY 2013, the 2012 review of staff compensation recommended “setting aside funds of $16 million for non-salary awards programmes”, $1 million more than the previous year. The IFC is devoting the largest amounts to non-salary programmes. For FY 2012, IFC awards amounted to $11 million or 2.4 per cent of IFC’s total payroll. IBRD/IDA devoted $3.75 million and the Multilateral Investment Guarantee Agency, the Bank’s political insurance arm, $184,400.

The IBRD/IDA team awards are designed for team accomplishments. They are open to all teams and awarded to all the team members. They are capped to 5 per cent of the market reference point (the average labour market salary) and can range from $400 to $2,000 per person. The IFC’s corporate awards are similar but applicants have to go through a panel review.

IFC-specific awards include the annual and department-based individual performance awards, which are for staff with SRI 4 or 5 ratings and can go up to 15 per cent of the base salary. This year the IFC intends to spend $4.6 million on these awards. Secondly, the scorecard awards recognise investment departments achieving the best performance according to scorecard indicators, such as client satisfaction and development impact. Although there are no official weights to the different indicators, there is a development impact threshold a department has to achieve in order to be eligible.

Thirdly, there are long-term performance awards which reward teams and individuals for their project results over a three year period. They can go up to 20 per cent of the recipient’s base salary and in order to qualify for these awards the projects need to exceed certain development and financial thresholds as well as go through a panel review. The IFC does not publish the details of this process. For FY 2013, the IFC intends to spend $7.6 million on long-term performance awards. Lastly, the smart lessons award aims at recognising knowledge transfer. On top of two $2,500 grand prizes, there are five prizes of $1,500 and five of $500.

World Bank Group YPP 2023-2024 Salary and appointments

Majority of the World Bank Group YPP Applicants have questions about the specifics of the program designation.
The following requests from candidates are often encountered:
Where is the place of work for young specialists?
In which departments of the World Bank are young professionals assigned?
What is the purpose of young professionals?
What is the hierarchical level of young professionals?
What is the salary of the World Bank YPP?
What benefits does the WBG offer to young professionals?

Pursuing its mission, the OpenIGO network has: prepared a comprehensive e-book and support and guidance services to greatly increase your chances of success in this competitive process. Our comprehensive eBook introduces you to the complex world of the World Bank Group and its approach to international development; he will teach you how to prepare each of the required documents in detail, as well as prepare you for the interview and assessment center. This e-book has been written and edited by a team of professors, HR professionals and former young professionals with great diligence.

The e-book is divided into 12 (twelve) chapters and one appendix and contains more than 190 pages.

We also offer a range of packages that combine our eBook with various services. These services include reviewing your application documents and a mock interview according to the WBG model. . Our packages are the best cost-effective option for you! They will guide you through every step of the selection process and teach you how to succeed at each step. By purchasing our packages, you can also save up to $30!

☆ I want to save money with a comprehensive package! ☆

World Bank Group YPP Location

Young professionals will be assigned to work at the World Bank Group headquarters in Washington, DC. A young specialist is rarely sent to another city. Generally speaking, even after the end of the YP program, they continue to work at DC, but relocation is possible.

This is your chance to be successful in the World Bank Group’s YPP selection process! OpenIGO can help you!

I would like to know more about WBG YPP packages!

World Bank Group Units

i) Participating World Bank Units

Young professionals are assigned to the technical and operational units of the World Bank Group. Since July 2014, the Bank has a new organizational model, which is structured as follows: 6 (six) regional client-oriented divisions with offices in most borrowing countries; 15 (fifteen) blocks of global practice and 5 (five) blocks of global topics.

Regional units : Africa, Latin America and the Caribbean; North Africa and the Middle East; Europe and Central Asia; South Asia; East Asia and the Pacific.

Global Practices : Agriculture; Water; environment and natural resources; Social, urban, rural areas and sustainability; Energy; Transport; Macroeconomics, trade and investment; Finance, competitiveness and innovation; Control; Digital development; Education; Social protection; Poverty; Work and development; Health, nutrition and population.

Global topics : Climate change; Floor; Vulnerability, conflict and violence; Infrastructure, PPP and Guarantees; and knowledge management.

ii) IFC participating entities

The International Finance Corporation (IFC), a subsidiary of the World Bank and a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. IFC applies its financial resources, technical expertise, global experience, and innovative thinking to help clients and partners overcome financial, operational, and other challenges.

Once selected, an IFC intern joins as an Associate Investment Officer or Investment Officer, depending on experience level. Initially, the young professional will be based in Washington DC and learn about the WBG and IFC approach to integrating financial analysis with financial sustainability.

Participating IFC YPP divisions include:

• Manufacturing, agribusiness and services

– Agro-industrial complex and forestry

Health and education

Manufacturing

Tourism, retail and real estate

• Financial institutions
• Infrastructure
• Oil, gas and mining
• Public-private partnership (advisory)
• Telecommunications, media and technology
• Treasury and syndication (product)

iii) MIGA Participating Units

The Multilateral Investment Guarantee Agency (MIGA) was established to attract private capital in disadvantaged environments, typically lower income countries and environments that are unattractive for investment. This agency works as a complement to the IFC, providing foreign investors with guarantees against so-called “political risks”.

The MIGA Young Professionals Program brings new and diverse talent to the Agency for entry-level professional positions. Opportunities are available in the following work areas:

• Underwriting political risk insurance
• Financial accounting and reporting
• Economics and risk management
• Reducing environmental and social risks
• Legal Counsel

Starting his WBG career, YP will work in one of these divisions depending on the application process chosen by the candidate. Young people are assigned according to their academic and professional profile and the World Bank Group’s current needs.

Type of meeting

There are several types of appointments in the World Bank Group, each with its own characteristics (such as position in the hierarchy, length of contract, and benefits, among others). The main type of appointment currently offered to Bank staff is fixed-term appointments, which are fixed-term contracts with terms ranging from one to five years.

In the case of young professionals, the term of appointment is offered with the following characteristics:

• Five-year term with WB, IFC or MIGA, the first two of which are part of the Curriculum Development Program;
• Renewable;
• This could potentially be converted into an open-ended meeting if YP’s performance fully satisfies the needs of the organization and the Bank.

Hierarchical level

The Bank’s hierarchical structure has 10 skill levels, from GA (lowest) to GK (highest). Responsibilities and requirements increase at each level of study (indicated by letters). Young Professionals (YPs) enter the World Bank Group in the Professional and Technical stream at the GF level (the sixth highest level), demonstrating their importance to the organization. Young people usually have successful careers in the World Bank Group, many of them in leadership positions. Opportunities for professional growth are one of the main distinguishing factors of this program.

World Bank YPP Salary

In order to recruit and retain highly qualified staff, the WBG has developed a compensation and benefits system designed to be internationally competitive, with performance-based pay, taking into account the special needs of a multinational company, given that a significant proportion of its employees – Foreigners. Young people who complete a GF degree earn an average net salary of $105,275.00 per year.

However, net salary can range from $82,000.00 to $150,800.00 depending on the professional experience, academic qualifications, skills and technical knowledge of the employee. Only a small fraction of employees will receive the top third of the salary range.

In addition to wages, young people will receive benefits totaling $58,865. 00 per year (including health, life and disability insurance; severance pay and other non-wage payments).

Benefits

In addition to wages, the World Bank Group (WBG) offers a number of benefits to Young Professionals (YPs). Some of these are listed below:

Health, life, accident and other insurance plans :

The World Bank Group offers young professionals and their families three private health and dental insurance options. Basic life and casualty insurance is also available for free, as well as optional life and casualty insurance plans. The organization also offers disability insurance and compensation to its employees at no additional cost.

Benefits of moving

Young professional’s place of work is the headquarters of the World Bank Group in Washington (USA). To support new employees who relocate, the WBG provides a range of relocation benefits, including: relocation travel, relocation, relocation grant, and mobility allowance. It is emphasized that these relocation benefits only apply to new employees who do not reside in the Washington-Baltimore metropolitan area at the time of assignment.

Relocation Travel

Relocation travel is the payment of a one-way ticket for a new YP and their family members from their city of residence to Washington, DC. This transfer payment is made on the most direct and economical route as follows:

• Travel cannot be by first class flight, or

• travel can be by first class, train or bus when air travel is not possible, or

• payment per kilometer for travel by private or rental car for all or part of the journey.

Relocation Shipping

Young Professionals (YP) may choose one of the following transportation options when relocating:

• Receive a transportation grant ranging from $8,000 to $14,000, depending on their family size and place of residence;

• Allowing the WBG to arrange for their personal and household items to be shipped. In this case, YP and their family will receive the following: a container up to 40 feet long to transport their personal and household items using a more economical mode of transport; $1,800 excess baggage allowance; transportation of your car; if necessary, up to 90 days of storing their personal and household items, either at their place of residence or at their destination, and insuring their items during transport and / or storage. The World Bank Group will not pay any customs, import or export duties that they may incur when transporting YP items from their place of residence to Washington, DC.

Relocation Grant

This is a financial benefit that helps a young professional cover the costs of moving to a new job. This is a one-time scholarship, which is included in the first salary of a young specialist.

Mobility Premium

The mobility allowance is a financial compensation specifically for expatriate employees that helps them maintain cultural, professional and personal ties with their countries of origin. This benefit not is awarded to US citizens or permanent residents.

The mobility allowance is paid quarterly to foreign young people for five years. Its annual cost is calculated as the sum of the individual percentages of the employee and their dependents (employee 11%; spouse 5%; each dependent child 4%) multiplied by the average GG score. Therefore, the mobility allowance is approximately $15,000 per year for an intern without dependents and approximately $32,000 per annum for a married intern with two children.

Tax benefits

World Bank Group employees (excluding US citizens) work for an intergovernmental organization and are not subject to US income tax. For US citizens, the World Bank Group makes an additional quarterly payment to cover “federal, state, and local income tax liabilities on their World Bank Group income.”

Financial assistance :

The World Bank Group offers various financial assistance programs to its employees, such as: loans to cover expenses; loans in connection with holidays or external services without payment; term loans; education loans and housing loans (headquarters staff). Each of these programs has eligibility requirements and specific interest rates, but they all offer special conditions.

Other benefits :

Other benefits for World Bank Group employees: private pension plan; 26 days of annual leave; health department; fitness center and babysitting, among others.

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Ukraine received a loan of 63 million euros for the salaries of civil servants and teachers

https://inosmi.ru/20230619/kredit-263746695.html

Ukraine received a loan of 63 million euros for the salaries of civil servants

Ukraine received a loan of 63 million euros for salaries of civil servants

Ukraine received a loan of 63 million euros for the salaries of civil servants

Ukraine received a loan of 63 million euros from the World Bank to pay the salaries of civil servants and teachers, according to the country’s finance ministry. | , 06/19/2023

2023-06-19T12:34

2023-06-19T12:34

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/html/head/meta[@name=’og:description’]/@content 9Ukraine received a loan in 63 million euros from the World Bank to pay the salaries of civil servants and teachers, the ministry says Finance of the country. “The state budget of Ukraine received funding from the World Bank in the amount of 63 million euros,” the ministry said in a statement on its website. .The loan must be repaid over 10 years with a four-year grace period.

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Ukraine received a loan 63 million euros from the World Bank to pay the salaries of civil servants and teachers, according to the country’s finance ministry.

“The state budget of Ukraine received funding from the World Bank in the amount of 63 million euros,” the ministry’s website says.