Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content
  • CRYPTO REWARDS!

    Full endorsement on this opportunity - but it's limited, so get in while you can!

Rafidain Bank gives 300 thousand dinars "bonuses" to employees


Recommended Posts

Rafidain Bank logo
Rafidain Bank logo

Roudao - Erbil 
Rafidain Bank decided, Saturday 10 September 2016, the Iraqi Ministry of Finance Exchange "Christmas bonus" for its employees on the permanent staffing and contracts. I got Roudao Media Network, a document issued by the Rafidain Bank showing disburse $ (300) thousand dinars Kaidyh employees on the permanent staffing and contract employees. for his part, Undersecretary of the Iraqi Ministry of Finance Fadel Prophet said, the network Roudao media, said that "eidia include Rafidain Bank staff exclusively, and does not include all employees , " adding that "some of the ministries gave employees a Christmas bonus from the budget of the Azaradtha own."The Ministry of oil issued an order , regardless the amount of 150 thousand dinars to its employees , but the prime minister has canceled this reason attributed to the existence of a financial crisis in the country.

  • Upvote 2
Link to post
Share on other sites
1 hour ago, ladyGrace'sDaddy said:

Seriously,  $254.23 

What gracious hearts they have. 

Considering, from 146 respondents over the past 18 months in Iraq,  the cost of living in Iraq is 37.31% lower (for all cities, does not include rent) than the United States and the average rent is is 61.03% lower than the United States. This means the bonus is equivalent to $405.54 in the United States if the bonuses were equally distributed. The average monthly disposable salary (net after tax) is $709.16. So this would mean their bonus equated to 35.85% of their average monthly disposable income. Take your average disposable income (net after taxes) multiply it by 35.85%. Would you like to receive that as a bonus? I know I would.  NOTE: All currency specified is in USD.

  • Upvote 5
Link to post
Share on other sites

Average rent for a 3 bedroom apartment inside the the city is approximately $832.72 the bonus is 30.53% of one month's rent.

Average rent for a 3 bedroom apartment outside the city is approximately 559.70; the bonus is 45.42% of one month's rent. 

That is 30 to 45 percent of rent they don't have to worry about for one month. Considering rent accounts for 23.6% of their monthly expenses (second highest category in their monthly expenses).

Edited by Theseus
  • Upvote 2
Link to post
Share on other sites
39 minutes ago, Theseus said:

Considering, from 146 respondents over the past 18 months in Iraq,  the cost of living in Iraq is 37.31% lower (for all cities, does not include rent) than the United States and the average rent is is 61.03% lower than the United States. This means the bonus is equivalent to $405.54 in the United States if the bonuses were equally distributed. The average monthly disposable salary (net after tax) is $709.16. So this would mean their bonus equated to 35.85% of their average monthly disposable income. Take your average disposable income (net after taxes) multiply it by 35.85%. Would you like to receive that as a bonus? I know I would.  NOTE: All currency specified is in USD.

I'm getting a headache too.:lol: 

That's one way of looking at it. I however was considering that Iraq is sitting on one of the largest oil reserves in the world, while Kuwait , a relatively small and insignificant country pays its citizens $50,000 a year.

Speaking in terms of relativity what Iraq had offers its people and has continually offered  their people is an insult. 

Nevertheless, under the circumstances it is a generous amount of money for those who have little

  • Upvote 4
Link to post
Share on other sites

The bonus is for Rafidian Bank staff and does not include all employees.

Staff salaries at U.S. Bank can range from $37,220-$136,643.

Individual bonuses can range from a few thousand to tens of millions of dollars, pounds or euros, payable in cash or less obvious forms including pension funds, shares, options, profit-shares and assets derived from the bank's transactions. A variable performance-related bonus is often the substantial part of a senior banker's contractual remuneration; thus they effectively work for a share in the net profits (but not net losses) for which they are responsible, with a relatively small fixed salary. Such bonuses are payable under contract.

300,000 dinars X $.10 = $30K is a nice bonus 

 

 

  • Upvote 6
Link to post
Share on other sites
1 hour ago, bostonangler said:

Well if they knew it was going 1 to 1, then everybody would be happy with that kind of bonus... I'm just saying

 

 

B/A

Currently Iraqis are using the dollar as their main form of currency. The only way they are going to go away from the dollar if one or two things happen:

1. The dollar becomes illegal in Iraq. Not going to happen while still pegged to it.

2. The IQD must exceed the value of the dollar in order for the common person in Iraq to rationalize not using the dollar as the main currency. 

3. A combination of the above. However, I don't think Iraq will make the dollar illegal to use and I am against that notion anyhow. 

A 1 to 1 RV is senseless because it of equality. The Iraqis who have been using the dollar now going over 10 years will naturally gravitate to the dollar out of habit. Therefore the IQD must in the eyes of the Iraqi be of more value than the dollar. Even if dedollarizing were to happen and the IQD were to RV for 10 cents, this will cause a black market effect to which Iraq will not want because it undermines the IQD anyways. In order for Iraq to rationalize the value of the IQD, it must be more than dollar. 

  • Upvote 10
Link to post
Share on other sites
1 hour ago, Laid Back said:

The bonus is for Rafidian Bank staff and does not include all employees.

Staff salaries at U.S. Bank can range from $37,220-$136,643.

Individual bonuses can range from a few thousand to tens of millions of dollars, pounds or euros, payable in cash or less obvious forms including pension funds, shares, options, profit-shares and assets derived from the bank's transactions. A variable performance-related bonus is often the substantial part of a senior banker's contractual remuneration; thus they effectively work for a share in the net profits (but not net losses) for which they are responsible, with a relatively small fixed salary. Such bonuses are payable under contract.

300,000 dinars X $.10 = $30K is a nice bonus 

 

 

Not doubting you--just wondering how you know all this information?  Impressive.... 

  • Upvote 1
Link to post
Share on other sites

Butt biscuits from Snow??  Muchas Gracias. Only thing better today would be TWO Monday Night Football Games. And Carl Jr's.....those people know how to market. Not sure what they sell....but(t) dammit I love their commercials. :D

Edited by King Bean
  • Upvote 1
Link to post
Share on other sites
9 hours ago, King Bean said:

Butt biscuits from Snow??  Muchas Gracias. Only thing better today would be TWO Monday Night Football Games. And Carl Jr's.....those people know how to market. Not sure what they sell....but(t) dammit I love their commercials. :D

hahahhahaha  good one  king bean !     I think they are selling  fencing material s,    or  could be water !   :P 

  • Upvote 1
Link to post
Share on other sites
14 hours ago, Theseus said:

Currently Iraqis are using the dollar as their main form of currency. The only way they are going to go away from the dollar if one or two things happen:

1. The dollar becomes illegal in Iraq. Not going to happen while still pegged to it.

2. The IQD must exceed the value of the dollar in order for the common person in Iraq to rationalize not using the dollar as the main currency. 

3. A combination of the above. However, I don't think Iraq will make the dollar illegal to use and I am against that notion anyhow. 

A 1 to 1 RV is senseless because it of equality. The Iraqis who have been using the dollar now going over 10 years will naturally gravitate to the dollar out of habit. Therefore the IQD must in the eyes of the Iraqi be of more value than the dollar. Even if dedollarizing were to happen and the IQD were to RV for 10 cents, this will cause a black market effect to which Iraq will not want because it undermines the IQD anyways. In order for Iraq to rationalize the value of the IQD, it must be more than dollar. 

That's the power of thinking by using your brain which makes sense to me and other smart people out there in Dinar Land.

WTG: Go RV

Dave  AKA, Seabee

  • Upvote 3
Link to post
Share on other sites

Great thread.......My best guess would be that this helps support the idea of a lower value such as 10 cents or lower when the value of the IQD is adjusted.  One to One would leave any of those who received it, with 300 Grand..........which in Iraq has far more value than in the US......the bank could lose all of these employees......which would be kind of pointless...JMT's.

  • Upvote 2
Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    No registered users viewing this page.



  • Testing the Rocker Badge!

  • Live Exchange Rate

×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.