SVG’s Wage Bill to increase by 5.7 percent in 2023

By Admin. Updated 5:55 p.m., Wednesday, December 14, 2022, Atlantic Standard Time (GMT-4).

The 2023 budget for Wages and Salaries for the 2023 fiscal year is 5.7 percent higher than the amount estimated for the Wage Bill in 2022.

This was revealed when the Estimates of Revenue and Expenditure for 2023 was passed in the House of Assembly on December 13.

There are two main reasons for the increase in this country’s wage bill. The first is the recently negotiated Public Sector salary enhancement package which included a 2.5 percent salary increase, a $2000 increase in the Personal Income tax Standard Deduction, and reduction in the top marginal rate of Income Tax (of 2 percent).

The second reason relates to increases in increments and the additional allowances that goes with a number of the new positions.