Dr. Ashni Singh, Finance Minister, announced an overall raise of 6.5 percent for public servants, teachers, members of the disciplined services, constitutional officeholders, and government pensioners on Friday.
This rise will be granted retroactively beginning January 1, 2023.
According to Dr. Singh, this compensation modification will benefit around 54, 000 public employees and provide $7.9 billion in disposal money for the economy each year.
In his televised presentation, the Finance Minister also offered a one-month tax-free incentive for all members of the disciplined services.
In this case, around 12, 000 uniformed members of the joint services will profit, and the bonus will be paid to civilian members of the Guyana Defence Force (GDF) for the first time.
“Work will start immediately to ensure they get the restorative amounts no later than the designated payday in December,” Dr. Singh told reporters.
The government provided a 7% salary raise to public personnel in 2021, which was increased to 8% in 2022.
The government of Irfaan Ali had also reinstated the one-month tax-free incentive granted to disciplined personnel.
The income tax threshold was also raised from $65,000 in 2021 to $85,000 in 2023, with additional changes predicted in the 2024 national budget.
The raises announced on Friday are in addition to President Dr. Irfaan Ali’s recent compensation modifications for teachers, healthcare workers, and members of the disciplined services.
In November, new assistance measures and increases totaled more than $7 billion.
Salary and allowance increases for graduate teachers were among them, as was a $25,000 one-time bonus for all public sector workers, including those at semi-autonomous agencies and public enterprises; a $25,000 one-time bonus for old-age pensioners; and a $35,000 one-time bonus for people with disabilities.
Dr. Ali also announced a $850 million fertiliser support package for farmers, as well as a $40,000 monthly salary increase for Community Enhancement Workers.
It supplements President Ali’s announcement last month of a one-time financial award of $25,000 for all public servants, which will be paid in December 2023.
