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Exchange rate (362,-666)

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Keywords: Exchange rate
Total judgments found: 13

  • Judgment 3676


    122nd Session, 2016
    European Southern Observatory
    Extracts: EN, FR
    Full Judgment Text: EN, FR
    Summary: The complainant contests a modification in the exchange rate averaging methodology for the calculation of his pension contributions.

    Judgment keywords

    Keywords:

    exchange rate; pension;

    Consideration 6

    Extract:

    [A]ny methodology that is dependent on exchange rates, which have an inherent propensity to fluctuate, will not be stable or foreseeable in the sense that the outcome is, in advance, predictable.

    Keywords:

    exchange rate; pension adjustment system;



  • Judgment 1239


    74th Session, 1993
    World Intellectual Property Organization
    Extracts: EN, FR
    Full Judgment Text: EN, FR

    Consideration 11

    Extract:

    WIPO has repealed former Staff Regulation 3.1, which ensured that officials, in case of fluctuation in the exchange rate between the United States dollar and the Swiss franc, would get paid a "differential" to compensate for loss in the value of the dollar. "On the whole the arrangements under the common system afford a reasonable degree of compensation for the risks inherent in fluctuations in the dollar exchange rate. There is therefore no breach of the staff's acquired rights in the organization's decision, following adoption of the general assembly's resolutions and so as to conform with the rules of the common system, to cancel a particular benefit it had earlier granted to its staff. As is held in Judgment 1241 of this day [...], a benefit granted at a particular point in time to a staff member or a group of staff members may not indefinitely preclude reforms that are in the general interest."

    Reference(s)

    Organization rules reference: FORMER WIPO STAFF REGULATION 3.1
    ILOAT Judgment(s): 1241

    Keywords:

    acquired right; case law; coordinated organisations; discontinuance; exchange rate; general assembly resolution; rule of another organisation; safeguard; salary; staff regulations and rules; tribunal;



  • Judgment 1196


    73rd Session, 1992
    World Intellectual Property Organization
    Extracts: EN, FR
    Full Judgment Text: EN, FR

    Considerations 15 to 18

    Extract:

    The Organization repealed Staff Regulation 3.1 bis. The complainants contend that this impaired their acquired rights and the stability of their conditions of pay in breach of Regulation 12.1. "In point of principle a rule calculated to achieve stability, like 3.1 bis, serves the lawful purpose of protecting against the erosion of pay by monetary trends, a factor extraneous to the contract of employment, and once the staff have been granted such a safeguard the rule-making authority may not arbitrarily do away with it. But [...] there was objective cause to repeal 3.1 bis in that it had entailed adjusting pay only when the dollar fell on the exchange market but not when it rose above any given point. There was potential - depending on currency fluctuation - for an undue increase in pay constituting a lasting charge to WIPO's budget which was no more warranted than it would have been for the Organization to make savings if the dollar fell. The conclusion is that because of the untoward effects the old rule might have [WIPO] was right to repeal it. Repeal was not in breach of the staff's acquired rights".

    Reference(s)

    Organization rules reference: FORMER WIPO STAFF REGULATION 3.1 BIS; WIPO STAFF REGULATION 12.1

    Keywords:

    acquired right; adjustment; amendment to the rules; cost-of-living weighting; currency of payment; exchange rate; international civil service principles; salary; staff regulations and rules; unjust enrichment;



  • Judgment 1168


    73rd Session, 1992
    International Atomic Energy Agency
    Extracts: EN, FR
    Full Judgment Text: EN, FR

    Consideration 3

    Extract:

    "In his original complaint the applicant stated his claim in dollars and he was accordingly awarded and paid the amount in that currency. If there was any risk of loss due to fluctuations in the rate of exchange, he ought to have raised the issue in the context of his original complaint. [...] Since he chose to state his claim in dollars and succeeded, the matter is res judicata and he may not have it reconsidered. There is no merit in his plea that 'lack of experience' explains why he did not think of the effect of changing rates of exchange: ignorantia juris haud excusat."

    Keywords:

    application for execution; currency of payment; exception; exchange rate; execution of judgment; judgment of the tribunal; res judicata;



  • Judgment 832


    62nd Session, 1987
    International Labour Organization
    Extracts: EN, FR
    Full Judgment Text: EN, FR

    Consideration 15

    Extract:

    "the reckoning of the pension depends on such factors as the cost of living, currency rates and rates of tax in the country of the pensioner's residence. those are variables that may preclude the creation of acquired rights. the financial plight of the fund has over the years become alarming."

    Keywords:

    acquired right; cost-of-living increase; effect; exchange rate; pension; pension entitlements; reckoning; tax; unjspf;

    Consideration 14

    Extract:

    "the first [test] is the nature of the altered term. it may be in the contract or in the staff regulations or staff rules or in a decision, and whereas the contract or a decision may give rise to acquired rights the regulations and rules do not necessarily do so. the second test is the reason for the change. it is material that the terms of appointment may often have to be adapted to circumstances, and there will ordinarily be no acquired right when a rule or a clause depends on variables such as the cost-of-living index or the value of the currency. nor can the finances of the body that applies the terms of appointment be discounted. the third test is the consequence of allowing or disallowing an acquired right. what effect will the change have on staff pay and benefits ? and how do those who plead an acquired right fare as against others?"

    Keywords:

    acquired right; amendment to the rules; contract; cost-of-living increase; definition; equal treatment; exchange rate; provision; staff regulations and rules; terms of appointment;



  • Judgment 538


    49th Session, 1982
    United Nations Educational, Scientific and Cultural Organization
    Extracts: EN, FR
    Full Judgment Text: EN, FR

    Consideration 3

    Extract:

    "The complainant is entitled under Judgment No 359 to payment of compensation amounting to one year's salary. He was paid by the month, not at the end of the year. To place him in the position the Tribunal intended, the sum due should therefore be calculated monthly [...]. The complainant is therefore right to ask to have the sums converted at the rates prevailing at the dates at which each monthly payment would have fallen due, not at the date when the full payment is made."

    Reference(s)

    ILOAT Judgment(s): 359

    Keywords:

    application for interpretation; complaint allowed; exchange rate; reckoning; salary;



  • Judgment 285


    37th Session, 1976
    European Organisation for the Safety of Air Navigation
    Extracts: EN, FR
    Full Judgment Text: EN, FR

    Considerations 5 and 6

    Extract:

    the complainant cannot be given the benefit of both the weighing factor and the present favourable rate of exchange. the organisation itself misunderstood the combined effect of the applicable provisions. although the tribunal criticises the imprecision of these texts, it rejects the complaint, which requests the maintenance of the old [mistaken] calculation that would have given the complainant a much more highly valued pension in local currency.

    Keywords:

    adjustment; currency of payment; exchange rate; pension;



  • Judgment 234


    32nd Session, 1974
    World Health Organization
    Extracts: EN, FR
    Full Judgment Text: EN, FR

    Considerations

    Extract:

    "[T]here can be no claim in respect of currency devaluation as such." But there can be a claim for compensation for the delay in payment. "In the circumstances of [the] case this compensation should be assessed as the diminution in the amount of rupees eventually received by the complainant, the diminution being due to the change in the rupee/dollar rate during the period of delay."

    Keywords:

    administrative delay; amendment to the rules; competence of tribunal; consequence; currency of payment; delay in payment; exchange rate; execution of judgment; injury; judgment of the tribunal; material damages; moral damages; receivability of the complaint;

    Considerations

    Extract:

    Judgment No. 195 ordered the payment of US $20,000 in respect of moral and material damage. The period comprising the delay in payment began one month after the notification of the judgment and ended on the date of payment. "The amount of compensation should be ascertained by taking the difference between the rates as quoted on the international exchanges on these two dates."

    Reference(s)

    ILOAT Judgment(s): 195

    Keywords:

    administrative delay; amendment to the rules; amount; exchange rate; injury; material damages; moral damages; payment; period;



  • Judgment 220


    31st Session, 1973
    International Patent Institute
    Extracts: EN, FR
    Full Judgment Text: EN, FR

    Considerations

    Extract:

    under certain conditions, officials may have a portion of their remuneration transferred. the exchange regulations lie within the discretion of the director-general. the competence of the tribunal to review "the legality of the decisions taken by the director-general within his discretionary powers is restricted..."

    Keywords:

    discretion; exchange rate; judicial review; salary;



  • Judgment 209


    30th Session, 1973
    International Telecommunication Union
    Extracts: EN, FR
    Full Judgment Text: EN, FR

    Summary

    Extract:

    the complainant contends that the payment of his salary in united states dollars and not in swiss francs was in violation of his terms of appointment. he has no such acquired right. besides, he had accepted payment in united states dollars for twelve years without protest. the decisions taken by the authorities concerning these payments are not open to discussion in view of a settlement. the secretary-general was in no way required to reverse those decisions following the devaluation of the dollar and the tribunal will not interfere with them.

    Keywords:

    acquired right; amendment to the rules; competence of tribunal; currency of payment; exchange rate; salary; terms of appointment;



  • Judgment 16


    5th Session, 1955
    International Institute of Intellectual Co-operation
    Extracts: EN, FR
    Full Judgment Text: EN, FR

    Consideration (C)

    Extract:

    "The devaluation of currency is a state of things to which all are subject and remains subject, in law, to the principle that in the absence of a revalorisation clause - such a clause soon being considered in many countries as contrary to public policy and therefore invalid - the currency agreed upon or adopted remains such, 'le franc reste le franc'."

    Keywords:

    currency of payment; exchange rate; injury;



  • Judgment 6


    1st Session, 1947
    International Institute of Intellectual Co-operation
    Extracts: EN, FR
    Full Judgment Text: EN, FR

    Considerations

    Extract:

    "[I]nsofar as the request for revaluation of the franc is concerned, general principles do not allow the acceptance of this request as formulated, but it is uncontested that the delay in paying the sums to which the Complainant was certainly entitled has caused her definite and considerable prejudice[.] [I]n addition to the moral prejudice resulting from the anxiety and suffering to which she was exposed, [the complainant] had to provide for her needs [...] in more and more burdensome economic conditions; and she had, moreover, to provide for the defence of her rights with the reduced means at her disposal".

    Keywords:

    administrative delay; complaint allowed; exchange rate; material injury; moral damages; moral injury; payment; salary;



  • Judgment 4


    1st Session, 1947
    International Institute of Intellectual Co-operation
    Extracts: EN, FR
    Full Judgment Text: EN, FR

    Consideration 9

    Extract:

    "[T]he delay in paying the sums due, the extremely painful changes in economic conditions [during the war], and the need for [the complainant] to provide for his defence, justify, quite apart from any consideration relating to the changes in the purchasing power of the franc, the allocation of compensation under the heading of damages".

    Keywords:

    administrative delay; complaint allowed; exchange rate; injury; material damages; material injury; payment; salary;


 
Last updated: 12.08.2019 ^ top