Effective April 1, the Government will commence rolling out a slate of new measures aimed at improving the lives of Jamaicans, going forward.
These are detailed in the 2024/25 National Expenditure Budget, totalling $1.341 trillion, which represents a $0.322 trillion increase over 2023/24.
The new measures include $200 billion more in the pockets of civil servants; increases in the weekly minimum wage by $2,000, the income tax threshold by $200,000 per annum, and the age-relief exemptions for pensioners from $80,000 to $250,400; and a reverse tax credit of $20,000 for some employees.
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Gov’t Improving the Lives Of Jamaicans
The Government has programmed the rollout of new measures, beginning April 1, which are aimed at improving the lives of Jamaicans, going forward, as is stated in the 2024/25 National Expenditure Budget totalling $1.341 trillion, an increase of $0.322 trillion over 2023/24.
These measures being embarked on, starting in fiscal year 2024/25, should make the lives of Jamaicans better and enable them to contribute to building a more vibrant economy.
Among the provisions are:
An additional $200 billion in salary increases for public servants compared to 2021/22, the year before the compensation restructuring began.
An increase in the minimum wage to $15,000 for a 40-hour week, up from $13,000.
An increase in the income tax threshold to $1.7 million, representing $200,000 more, compared to the previous $1.5 million.
A reverse tax credit of $20,000 for every registered taxpayer earning $3 million or less. A total of 570,000 Jamaicans will benefit, costing the Government $11.4 billion. People will be able to apply for this provision online.
The introduction of unemployment insurance for employees. The Government expects to sign a US$20 million loan agreement with the World Bank to support its implementation.
Increased pension benefits, with age-relief exemptions moving from $80,000 to $250,400.
Provision of a $15,000 grant monthly to persons enrolled in HEART/NSTA Trust training programmes to offset transportation costs, which will be tied to attendance, and
An additional $13,000 per week will be given to all trainees as a stipend under the CARE Programme.
