In response to the recently presented 2024 National Budget by Senior Finance Minister, Dr. Ashni Singh, the Federation of Independent Trade Unions of Guyana (FITUG) has offered its preliminary response, commending the government’s efforts to address diverse challenges faced by the Guyanese population and its positive measures for the working class.
FITUG said the budget presented under the theme “Staying the Course: Building Prosperity for All,” reflects a commitment to listening to the people and their representatives. The organization expressed satisfaction with the positive interventions aimed at improving the lives of working people, children, and the vulnerable, demonstrating a concerted effort to increase disposable income and control the cost of living.
FITUG particularly lauded the government’s consideration of recommendations made during pre-budget consultations. Notable measures include a significant increase in the income tax threshold, up by 55% since 2020, and a rise in the National Insurance Scheme (NIS) old age minimum pension and survivors’ pensions. The organization sees these steps as a move towards a more equitable tax system and a positive reflection of the government’s commitment to the well-being of the working class.
The FITUG also welcomed the attention given to senior citizens and public assistance recipients, with increased benefits and improvements in the “Because We Care” grant. The budget’s focus on achieving free university education and addressing university debt burdens was also seen as commendable by FITUG, emphasizing a commitment to progress and development.
Addressing concerns about the rising cost of living, FITUG expressed satisfaction with measures such as maintaining tax exemptions on fuel and continuing the freight cost adjustment initiative. These initiatives are expected to return approximately $100 billion to ordinary citizens, providing significant financial relief on a per-capita basis.
It also highlighted the substantial allocations for social sectors, including policies to assist women in obtaining cervical cancer screening, school-aged and pensioners in vision testing, and support for obtaining spectacles if needed. Large expenditures are also programmed for improving the physical landscape and addressing the issue of home ownership, aiming to enable more citizens to live in their own homes.
FITUG concluded that the Budget 2024 brings numerous gains for ordinary people, contributing significantly to the development trajectory of Guyana. In addition, it said the comprehensive approach, addressing present-day challenges while focusing on creating a better future, positions the country for emerging opportunities and potential challenges in the years ahead.
