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NSIAD-85-120 1 (1985-07-22)

handle is hein.gao/gaobabnsm0001 and id is 1 raw text is: UNITED STATES GENERAL ACCOUNTING OFFICE I WASHINGTON. D.C. 20548 JULY 22, 1985 NATIONAL SICUPIrY ANO INTERNATIONAL FAIR$ DIVISION B-21931 1 127457 The Honorable Matthew G. Martinez House of Representatives Dear Mr. Martinez: Subject: Salaries and Benefits of International Monetary Fund Employees (GAO/NSIAD-85-120) This report provides information on compensation received by International Monetary Fund (IMF) employees and is in response to your letter of June 3, 1985, inquiring about IMF salaries and benefits. The enclosed information listing salary rates and the number of employees receiving those salaries was received from the Department of the Treasury, which manages U.S. participation in the IMF. IMF employees, other than U.S. citizens, generally do not pay income taxes on the salaries they receive. Therefore, IMF salaries of non-U.S. employees are net or take home sala- ries. U.S. citizens of the IMF receive a supplement to their salaries in recognition of the U.S. income taxes that they pay on their salaries. Therefore, for the purpose of comparison, Treasury included for 1984 estimates of the equivalent pre- income tax salaries paid to U.S. IMF employees to make their salaries comparable to those paid to non-U.S IMF employees. We are unable to include benefits data with the salary scale because, according to the Treasury, the IMF does not pro- vide total compensation figures. Treasury also informed us that IMF employees may be eligi- ble for a variety of low interest rate loans depending upon employee circumstances and needs. For the purchase of a first home in the Washington, D.C. area, an employee may borrow up to 18 months' net salary or one-third of the purchase price, whichever is less. Such a loan is repayable as follows: 12 months' salary at a 5 percent interest rate over 12 years, or at a 4 percent interest rate over 6 years; and 6 months' salary at the rate charged for federally insured veterans' mortgages over 20 years. An employee may also borrow for the education of ~ (486001)

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