The 2024 Federal Budget (or National Budget) was presented during a Sitting of the National Assembly on Wednesday December 13th.
Prime Minister and Minister of Finance, Dr. Terrance Drew, presented the 2024 Federal Budget Address, under the theme: “Marching Forward on the Journey to a Sustainable Island State” and The Appropriation (2024) Bill, 2023) received its 1st reading.
The Bill is to the tune of EC $1.1 billion, an increase of about $80 million when compared to the 2023 budget (approximately EC$1.02 billion)
Thursday December 14th will see the commencement of the Budget debate and will feature the rebuttal from Leader of the Opposition in the National Assembly, Hon. Mark Brantley.
Meantime, Prime Minister Dr. Terrance Drew, announced a comprehensive suite of financial incentives during his 2024 budget address, that will redound to the benefit of the people.
This included plans for the establishment of a Financial Education and Savings Programme, whereby $1000 savings accounts for all citizens 5-18 years of age will be created, investment in shares of Government majority-owned companies and comprehensive financial education topics for youth, as of January 1st, 2024, civil servants will benefit from an 8 percent increase in salary, a fifty percent (50%) salary bonus will be paid to civil servants, GAEs, pensioners and STEP workers on Thursday Dec. 21st, No new taxes, Corporate Income tax officially set at 25% effective January 1st 2024.
Other incentives were: new contributory pension plan for GAE’s (Government Auxiliary Employees) will be operationalized on January 1st 2024, hence all GAE’s and other monthly paid workers employed by the Government on or after May 18th 2012, will be eligible to receive a pension, Social Security pension increase- minimum age (contributory) pension will increase from EC $430 to $500 per month, assistance (non-contributory) will increase from EC $255 to $350 per month effective Jan. 1st 2024, a 40 percent increase on Funeral Grant benefit from EC $2500 to $3500 effective January 1st 2024 and workers’ bonus-EC$ 500 to all non-civil servants.
