The government is in the process of re-evaluating the revenue projected for this year and based on the numbers, there will be a further adjustment to the daily minimum wage and the income tax threshold.
The announcement was made by President Dr Irfaan Ali on Saturday during a press conference at State House in Georgetown.
“So, this is something that I am presently reviewing with the aim of a further adjustment in a daily minimum wage.
“…I am also reviewing the capacity at further advancing liquidity in your pockets…the tax threshold. This is another issue that I would say is on the front burner of consideration.
“We’re analyzing the numbers and ensuring that whatever we come up with is in keeping with the sustainability of our economy because that is what is important,” President Ali told reporters.
In June 2022, the minimum wage of private sector employees increased from $44,200 to $60,000.
In budget 2023, Finance Minister Dr. Ashni Singh proposed that the income tax threshold moves to $85,000, allowing thousands of workers to pay fewer taxes and take home more money each month.
Dr. Singh said that this move will mean that over 12,000 people will no longer pay income taxes. Those are people who earn 85,000 and less.
What this also means is that individuals will only pay tax on the amounts earned after the first $85,000 is deducted.
