Saint Lucia Budget Highlights: Govt increases pensions, minimum liveable wages
Prime Minister Philip J Pierre has designed a comprehensive Budget for 2024-25 that will enrich the standard of living of ordinary Saint Lucians
2025-08-01 17:36:08

The other highlights of the 2024/25 Budget Address in Saint Lucia are as follows:
- Enact the New Macro Investment Bill to fast-track approval of large investments in all sectors that meet certain social, economic, and environmental criteria.
- Provide special incentives to businesses and property owners in the city to renovate and refurbish their properties to facilitate Urban Renewal.
- Create two Project Implementation Units to increase the implementation rate of infrastructure projects.
- Proposed new Minimum Liveable Wage enacted by August 1, 2024
- A one-off payment of $2500 will be made to each of the 93 privately registered Early Childhood Centres to assist with the purchase of educational supplies. This payment will be made from August 1, 2024
- Banana farmers recently affected by the shortage of boxes and packaging material will be entitled to a shared compensation package of $500,000
- Public servants will be entitled to 100% residential mortgages under the new credit line facility being managed by the Saint Lucia Development Bank. In addition, the government will assist every successful applicant with a $1000 payment towards their legal cost
- Encourage the construction of new residential homes and renovations to existing homes; stamp duty on mortgages up to $400,000 taken for any of the two purposes will be waived
- Received the approval from CARICOM for the derogation of the Import duty on hybrid and electric vehicles, which will continue to be 5 percent until November 20, 2025
- Continuation of Tax Amnesty: waiver of interest and penalties on outstanding taxes up to May 1, 2025. Waiver of residential land and house tax has also been extended to May 1, 2025
- Work with interested parties during this fiscal year with a view to introducing the Sandbox regime and innovation hub legislation to create the enabling environment for new technologically driven businesses
- Creation of a Sovereign Wealth Fund (to create a multigenerational plan that would safeguard future generations)
Monika Walker is an experienced journalist specializing in global political developments and international relations. With a keen eye for accuracy and analysis, Monika has been reporting for over a decade, bringing stories to light that matter to readers around the world. She holds a degree in International Journalism and is passionate about giving a voice to underrepresented communities through factual reporting.
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