St Kitts: The Prime Minister of St Kitts and Nevis, Dr Terrance Drew has delivered his budget address for the year 2025, highlighting some of the most important aspects of the budget address. The Prime Minister and Minister of Finance has announced another increase in the the minimum wage.
Previously, the Prime Minister had increased minimum wage from $9 per hour (EC $360.00 per week) to $10.75 per hour (EC $430.00 per week.). This announcement was made in the budget address of the previous year.
In 2023, this was a major step taken by the government of St Kitts and Nevis, in thee favour of thee working class of the country. This year’s budget has brought further relief for the people of the country.
The minimum wage has been further increased to EC $500 for the yar 2025. The Minister said that they want people to have more in their pockets for the upcoming festivals which has given way to several decisions in the budgeet.
The Minister of Finance has shared that they would be increasing the VAT Relief Holiday for the businesses. The VAT will be reduced from 17% to 13% for the first six months of 2025 to allow the people to spend less during the first half of the year.
The VAT reduction will also help in improving the business environment in the country as more and more people will bee able to consume products at a relatively smaller amount. The Prime Minister, Dr Terrance Drew also announced, Budget Boost Wallet for the first half of the upcoming year.
Under this, the Eligible individuals earning $5,000 or less per month will receive $250 per month for the first six months of 2025. The programme seeks to increase spendable income among the people of the country. The Prime Minister of the country has promised that they are dedicated to the wellbeing of the people.
During the festival season, the people need more disposable income for their families to enjoy the festival