Something for all everyone in new budget announced by PM Drew

Throughout the Budget Address on December 13, 2023, Prime Minister Dr Terrance introduced an array of economic and financial measures to reinforce the lives and livelihoods of the  residents, residents, and the enterprise neighborhood.

The measures included changes from the company tax price to the supply of pensions for Authorities Auxiliary Workers, the CBI Dividend, wage will increase, and the elevation of the nationwide minimal wage.

In tandem with these initiatives, PM Terrance Drew and the Authorities urged folks to exhibit diligence in work, prudent monetary administration, productiveness in employment, and the safeguarding of their monetary futures by way of common financial savings and budgeting, fostering a collective dedication to progress and prosperity.

Monetary schooling & saving Programme

• $1000 financial savings accounts for all residents 5-18 years of age
• Funding in shares of presidency majority Owned corporations
• Complete monetary education subjects for youth

Nationwide minimal wage improve

• From EC$9.00 per hour to EC$10.75 per hour (efficient 1^st January 2024)
• Price can be elevated to EC $12.50 per hour (from 1 July 2025)

New nationwide minimal wage

• EC$430.00 per week (from 1^st January 2024)
• Additional improve to EC$500.00 per week (from 1st July 2025)

Employee’s bonus

• EC$500 to all non-civil servants (December 2023)

Social safety pension improve

• Minimal age (contributory) pension will improve from $430 to $500 per 30 days.
• Help (non-contributory) pension will improve from $255 to $350 per 30 days (efficient 1^st January 2024)

Funeral grant profit

• 40% improve from $2500 to $3500 (efficient from 1^st January 2024)

Company revenue tax

• Formally set at 25% (efficient 1^st January 2024)

Pension for all GAE’s

• New contributory pension plan can be operationalised on 1^st January 2024
• All Authorities Auxiliary Workers (GAE’s) and different month-to-month paid staff employed by the Authorities on or after the 18^th could 2012 can be eligible to obtain a pension

8% Wage Enhance

• For all civil servants and pensioners (efficient 1^st January 2024)

Christmas Bonus

• 50% wage bonus to all civil servants, authorities auxiliary workers (GAE’s) pensioners and step staff (21^st December 2023)