Palestinian Financial Ministry to disburse equivalent to half salary of employees for October
Date
11/28/2023 3:20:52 AM
(MENAFN) On Monday, the Palestinian Ministry of Finance announced its intention to disburse an advance, equivalent to half the salary of government sector employees for the month of October, through bank channels. In a joint statement with the Monetary Authority, the ministry specified that this advance, set at 50 percent of the salary with a minimum limit of 1,800 shekels, is scheduled for disbursement on Wednesday. Notably, the Ministry of Finance expressed its commitment to bearing the costs associated with these advances, underscoring a proactive approach to support public sector employees and retirees.
This financial move follows the Palestinian Authority's recent decision to decline the tax money collected by Israel on its behalf for goods entering the Palestinian market. The refusal was accompanied by a demand for a three percent commission. The catalyst for this decision stemmed from the Israeli government's choice to deduct a portion of the allocated funds destined for the Gaza Strip. These funds are crucial for various purposes, including salary payments, the functioning of the health sector, and the procurement of fuel.
The tax funds, often referred to as clearing funds, constitute a significant portion of the Palestinian Authority's budget, accounting for two-thirds of its overall financial framework. The developments underscore the intricate financial dynamics and political considerations shaping the economic landscape in the region.
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