Yen’s climb puts pinch on civilians

[unhappycamper]

Yen’s climb puts pinch on civilians
Stars and Stripes
Pacific edition, Wednesday, November 26, 2008

Financial news remained gloomy for civilian federal workers in Japan and South Korea this week.

The Japanese currency continued to grow in strength in recent days, causing the value of the dollar to slump to an unusual low of 92 yen, according to the military exchange rate posted by Community Bank on Monday.

Meanwhile, post allowances for most civilian workers in Japan and South Korea remained mostly unchanged despite the reduced buying power of their paychecks.

Allowances at Yokosuka Naval Base actually fell on Sunday to 35 percent from 42 percent of expendable income, which is considered pay left over after housing, savings and health care costs, according to new figures released by the State Department’s Office of Allowances.

Civilian post allowances — similar to cost-of-living allowances the Defense Department sets for military members — are adjusted every two weeks by the State Department, which monitors national exchange rates and civilian buying habits.


Rest of article at: http://www.stripes.com/article.asp?section=104&article=59047