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When you become a member of the International Finance Corporation (IFC) team, in a collaborative and supportive environment, you will work on a wide range of challenging issues that the global economy runs into, as well as make a direct, measurable impact on the well-being of people all around the world.
The IFC attracts professionals who are driven to work in a truly multicultural environment and are passionate about the mission of achieving global economic stability, whether as an economist, or part of a highly qualified professional administrative team.
If you are someone who wishes to start an international career at the International Finance Corporation, first of all, it is essential that you know about all the different job possibilities and careers that the organization offers, as well as its organizational chart, payment and benefits policies, recruitment platform, and the professional and academic profile they look for.
The central objective of this article is to present to you with the information on salary and benefits offered by the IFC.
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Working for the International Finance Corporation (IFC) is a dream for many! Being an IFC’s Young Professional combines a wide range of benefits with meaningful work that can help to promote development around the world. Working for an international organization means developing a global career with a global reach, in a multicultural and pleasant environment; where you will be able to construct influential networks and receive encouragement to develop professionally.
In pursuit of its mission, the OpenIGO network has developed support and guidance services, with the aim of highly increasing your chances of success in this competitive selection process. These include an Application Review and a Mock Interview – based on the IFC YPP original model.
If you want to know more about it, access:
Also, check out our overview of IFC Job Opportunities:
Would you like to know the most essential tips to improve your IFC Careers CV? Then check out our magazine on the topic right now!
IFC Salary
In order to attract new talent, the World Bank Group’s institutions do not rely only on their international prestige, but also on a good remuneration policy, compatible with the market.
The salary table is reviewed annually between June and July (start of the fiscal year) and established from an average figure in the local market in the Washington D.C. region. For the GA to GI levels, the salary midpoint is established through the benchmark of salaries of companies in the public and private sectors in the Washington D.C. region.
These companies are evaluated according to the quality and stability of their payment plans. The list of salaries at these levels with the local market is 75% of the average value. For the GJ and GK classes, the salary adjustment is made according to the Consumer Price Index (CPI) of the Washington, DC-Baltimore region.
The salary table for the 2020 fiscal year is presented below:
| WBG Grade | Minimum (US$) | Midpoint (US$) | Maximum (US$) |
|---|---|---|---|
| GA | 28,600 | 40,900 | 53,200 |
| GB | 34,400 | 49,200 | 64,000 |
| GC | 42,500 | 60,700 | 78,900 |
| GD | 50,500 | 72,100 | 93,700 |
| GE | 69,200 | 98,800 | 128,400 |
| GF | 91,500 | 130,700 | 169,900 |
| GG | 118,400 | 169,100 | 219,800 |
| GH | 161,800 | 231,200 | 300,600 |
| GI | 248,800 | 311,000 | 373,200 |
| GJ | 294,800 | 346,800 | 398,800 |
| GK | 327,700 | 385,500 | 443,300 |
IFC Benefits
In addition to good salaries, WBG/IFC Staff Members also receive various benefits, some of which are listed below:
| Types of Benefits | Description of the benefits |
|---|---|
| Health, life, accident, and other insurance programs | Staff and any eligible dependents can select one of three types of dental and health insurance programs. Life and accident insurance and invalidity coverage are offered to all Staff Members at no additional charge. However, there is the possibility of contracting additional life and accident insurance but Staff Members must cover the costs. |
| Annual leave | Annual leave or vacations is paid absence from work to relax. WBG Staff Members have the right to a minimum of 120 hours` leave per annum. |
| Pension plan | The pension plan covers everyone. Staff Members must contribute to the plan, which is used as a pension following retirement. |
| Relocation, resettlement, and expatriate benefits | If the person hired is allocated to a position in another country, s/he has the right to receive relocation and resettlement benefits. This regulation is applied to those selected to work at the headquarters and arriving from other countries. |
| Paid leave | New Staff Members receive 26 days` annual leave and up to 15 days sick leave per annum. |
| Sick leave | Sick leave may be taken when a Staff Member is incapacitated by sickness or injury, when undergoing examination or treatment for physical (medical, dental, optical) or mental illness, or when, because of exposure to contagious diseases, the presence of the Staff Member at work would jeopardize the health of others. Sick leave accrues daily at the rate of 120 hours per leave year. |
| Tax allowance | For Staff Members who are not US citizens, since they are employed by an international organization, they are not liable for tax payments in the country. For American citizens, the WBG awards an additional payment to cover federal, state, and location income tax liabilities on their World Bank Group income. |
| Financial assistance | World Bank Group Members have the right to financial assistance, such as: loans for settling-in expenses; loans in connection with leave or external services without pay; emergency loans and education and housing loans. |
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IFC Awards
In addition to a good payment policy, the WBG/IFC has various internal awards, which may be remunerated, as a way of recognizing outstanding Staff Members.
With distinct institutional designs, IFC has specific awards, as presented in the table below:
| Organization | Awards |
|---|---|
| WBG Awards Program | President’s awards for Innovation; President’s awards for excellence; Spot awards; Integrated VPUs performance awards; The service recognition program. |
| IFC Awards Program | IFC corporate awards program; IFC annual performance awards. |
Working for the International Finance Corporation (IFC) is a dream for many! Being an IFC’s Young Professional combines a wide range of benefits with meaningful work that can help to promote development around the world. Working for an international organization means developing a global career with a global reach, in a multicultural and pleasant environment; where you will be able to construct influential networks and receive encouragement to develop professionally.
In pursuit of its mission, the OpenIGO network has developed support and guidance services, with the aim of highly increasing your chances of success in this competitive selection process. These include an Application Review and a Mock Interview – based on the IFC YPP original model.
If you want to know more about it, access:
