On Wednesday, Prime Minister Dr Terrance Drew unveiled a budget for 2024 that is chock-full of benefits for St Kitts and Nevis residents.
The subject of the budget was “Marching Forward on the Journey to a Sustainable Island State.”
The following are some of the primary features of the fiscal package:
Bonus for Christmas
All public officials, government auxiliary employees (GAES), retirees, and STEP personnel will get a 50% wage increase on December 21, 2023.
Employee Bonus
All non-civil staff will get EC$500 in December 2023.
There will be no new taxes.
Rate of Corporate Income Tax
Officially set at 25% (beginning January 1, 2024)
Increase in the National Minimum Wage
From EC$9 to EC$10.75 per hour (from January 1, 2024)
The hourly rate will be adjusted to EC$12.50 beginning July 1, 2024.
All Government Auxiliary Employees (GAES) are eligible for a pension.
On January 1, 2024, the new contributory pension scheme will go into effect. All Government Auxiliary Employees and other monthly paid government workers hired on or after May 18, 2012, will be eligible for a pension.
Increase in pay
Salary increases of 8% for all government officials and retirees (starting January 1, 2024).
Programme for Financial Education and Savings
All people aged 5 to 18 are eligible for a $1,000 savings account.
Investment in government-majority-owned firms
Topics for comprehensive financial education for youth
(To be released in 2024).
Increase in Social Security Pension
The monthly minimum age (contributory) pension will rise from $430 to $500.
The monthly assistance (non-contributory) pension will rise from $255 to $350.
(Beginning January 1, 2024)
Funeral Grant Assistance
Increase of 40% from $2,500 to $3,500 (Effective January 1, 2024)
