In addition to their salary, the World Bank Group (WBG) offers the young professionals (YPs) a range of benefits. Some of these are listed below:
Health, Life, Accident and Other Insurance Plans:
The WBG offers the young professionals and their families three private medical and dental insurance alternatives. Basic life and accident insurance is also available free of charge, as well as optional life and accident insurance plans. The organization also offers cover for disability and compensation to staff members at no additional cost.
The young professional’s workplace is the WBG headquarters in Washington D.C. (USA). In order to provide support to new staff members who change their place of residence, the WBG provides a number of relocation benefits, which include: relocation travel, relocation shipment, a relocation grant and a mobility premium. It is highlighted that these relocation benefits are only applicable to new staff members who are not resident in the metropolitan area of Washington-Baltimore at the time of appointment.
Relocation travel is the payment of a one-way ticket for a new YP and their dependents from the city in which they reside to Washington D.C. This relocation payment is made for the most direct and economical route, in the following way:
• The trip cannot be made using a first class flight, or
• the trip can be made in first class, by train or bus, when air travel is not possible, or
• per kilometer payment for trips via private or rental car for all or part of the relocation travel.
Young professionals (YPs) can opt for one of the following relocation shipment options:
• Receiving a shipment grant of between USD 8,000 and USD 14,000, depending on the size of their family and place of residence;
• Authorizing the WBG to arrange the dispatch of their personal and domestic belongings. In this case, the following will be made available to the YP and their family: a container of up to 40 feet to transport their personal and domestic belongings, using a more economic form of transport; USD 1,800 to pay for excess luggage; transportation of their car; if necessary, up to 90 days of storage for their personal and domestic belongings, either in their place of residence or at the destination, and insurance for their belongings during transportation and/or storage. The WBG will not pay for any customs charges, import or export fees which they may incur from the transportation of the YP’s belongings from their place of residence to Washington D.C.
This is a financial benefit which assists a young professional with the costs associated to their relocation to the new place of work. It is a one-time grant and is included in the young professional’s first salary.
The mobility premium is a financial compensation specifically for expatriate staff members to help them maintain cultural, professional and personal links with their countries of origin. This benefit is not awarded to US citizens or permanent residents of the country.
The mobility premium is paid quarterly to expatriate YPs for five years. Its annual value is calculated according to the sum of the staff member and their dependents individual percentages (staff member 11%; spouse/domestic partner 5%; each dependent child 4%) multiplied by the mid-point of grade GG. Hence, the value of the mobility premium is approximately USD 15,000 per annum for a young professional with no dependents and approximately USD 32,000 per annum for a married young professional with two children.
World Bank Group staff members (except for US nationals) are employed by an intergovernmental organization and are not liable for income tax in the United States. For US nationals, the WBG makes an additional quarterly payment to cover “federal, state, and local income tax liabilities on their World Bank Group income”.
The World Bank Group offers various financial assistance programs to its staff members, such as: loans for settling-in expenses; loans in connection with leave or external services without pay; emergency loans; education loans and housing loans (headquarters staff). Each of these programs has eligibility requirements and specific interest rates but they all offer special conditions.
Other benefits for World Bank Group staff members are: a private pension plan; 26 days annual leave; a health services department; a fitness center and child care, among others.