Guyana Budget 2024: Are Income and Minimum Wage Reforms on the Way?

  • The Federation of Independent Trade Unions of Guyana (FITUG) recently took part in discussions with the Government of Guyana to contribute to the formulation of the 2024 National Budget. The meeting, lasted nearly two hours and covered a broad spectrum of topics including labour rights, agriculture, and financial policies.
  • FITUG in a press release expressed its support for government initiatives aimed at improving the well-being of workers and their families. Additionally, the organisation recommended several policies to further enhance worker welfare.
  • One of FITUG’s key proposals was to adjust the income tax regime to boost disposable income for workers, including changes to income tax thresholds and rates, as well as the introduction of tax credits for taxpayers with dependents. FITUG also reiterated its call for the equating of the national minimum wage and public sector minimum wage as a step towards a livable wage.
  • Furthermore, FITUG urged the government to consider improving pensions and public assistance and to address long-neglected adjustments in pensions paid by the National Insurance Scheme (NIS). The organisation also recommended introducing pay increments within the public service based on performance, in consultation with relevant bargaining agents. Strengthening labour legislation was another urgent concern raised by FITUG. The organisation emphasised the need for an updated legal framework to protect workers’ rights, modernising outdated laws, and reinforcing the Labour Ministry.
  • The government welcomed FITUG’s proposals, considering them reasonable and appropriate. While acknowledging that not all issues could be comprehensively addressed, the government pledged its commitment to improving the well-being of the working class.
  • In summary, the meeting between FITUG and the government highlighted the importance of prioritising the welfare of workers and taking tangible steps to enhance their economic conditions as the country moves forward. Both parties expressed their commitment to collaborating for the betterment of all Guyanese citizens.

(Source: Guyana Chronicle)