Page 34 University of Technology, Jamaica Notes to the Financial Statements 31 March 2020 (expressed in Jamaican dollars unless otherwise indicated) 8. Staff Costs 2020 2019 $’000 $’000 Salaries and wages 6,403,773 3,970,426 Payroll taxes – employer’s portion 231,158 158,158 Pension (Note 26) 214,821 127,245 Other post-employment benefits (Note 26) 134,578 157,170 Health Insurance 184,202 258,375 Uniform 43,271 45,752 7,211,803 4,717,126 The number of persons employed by the University at the end of the year was as follows: 2020 2019 No. No. Full - time 1,177 1,323 Part - time 282 395 1,459 1,718 During the financial year, retroactive payments relating to the period April 2017 to June 2019 were paid out between July 2019 to March 2020. Total payment noted was $1,482,999,000. 9. Finance Income 2020 2019 $’000 $’000 Interest income 65,765 72,430 Gain on foreign exchange 118,247 - 184,012 72,430 10. Finance Costs 2020 2019 $’000 $’000 Bank charges and service fees 38,130 35,993 Loss on foreign exchange - 24,635 Interest on lease 7,712 - 45,842 60,628 University of Technology, Jamaica 150
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