Central Bank of Barbados orders banks and credit unions to correct payroll files after delayed salary payments

The Central Bank of Barbados has issued an update on salary payments that were not received on time on Friday, saying its immediate priority is to ensure every affected employee is paid. It is also treating next week’s payrolls, including government and private sector payrolls, as a priority and is working with financial institutions and employers to check that payments are ready before payday. The central bank has put immediate measures and twice-daily oversight in place and said it will stay engaged until salary flows return to normal. Participating banks and credit unions have been required to work directly with employers to check and correct payroll information before payments are sent, and to credit affected employees through controlled arrangements where salary instructions and funds can be verified, with any inter-institution settlement to follow afterward. Banks have also been instructed not to charge employees fees linked to these corrections. The central bank said the delays arose from the form in which some account information was submitted with payroll files, and clarified that employees do not need to download or use the BiMPay e-wallet to receive salary payments if they are already paid by direct deposit into a bank or credit union account.