The Federation of Independent Trade Unions of Guyana (FITUG), an umbrella organisation representing organised labour in Guyana has offered its opinion on the recently announced Budget 2024 crafted under the theme “Staying the Course: Building Prosperity for All.”
In a release on Tuesday, FITUG posited that the budget had made an “admirable” attempt to address the challenges faced by various segments of the Guyanese population. This approach, it noted, “is encouraging and demonstrates the Government’s commitment to listening to its people and their representatives.”
Further, the Federation, acknowledged that the positive interventions proposed in Budget 2024 would contribute to improving the lives of working people, children, and the vulnerable with measures that seek to increase disposable income while controlling the cost of living. “It is reassuring that the government has considered the struggles many families face and has taken steps to alleviate their financial burdens. Budget 2024 offers great hope for the working class and provides a platform for them to achieve a better quality of life.”
According to the release, FITUG expressed its “utmost satisfaction” with the government’s consideration of several of the recommendations that it had put forward. Namely, the increase in the income tax threshold which the Federation acknowledged has risen by as much as 55% since 2020 and will release almost $5 billion into the pockets of the workers: calling it, “a step in the right direction towards a more equitable tax system.”
Another FITUG recommendation that was acted upon by the Budget, was the hike in the National Insurance Scheme (NIS) old age minimum pension and survivors’ pensions. These increased benefits were interpreted as evidence that the government has given due consideration to the concerns of its senior citizens and public assistance recipients. The Federation took care to remind that it has been an active advocate in this regard, and as such was pleased to see its proposal being taken into account.
The release mentioned other initiatives, such as the measures to alleviate the university debt burden of Guyanese citizens who have contributed to the nation’s development; the decision to maintain tax exemptions on fuel, which will result in the government forgoing $40 billion in revenue; and the continuation of the freight cost adjustment initiative, aimed at mitigating the effects of imported inflation.
FITUG views these measures as a positive development in the drive to alleviate the economic burden on Guyanese families. “As a working-class organisation, we acknowledge the importance of such efforts as we look forward to continued collaboration with the government in creating a better future for our citizens.”
The Federation also took note of the “substantial” sums earmarked for the social sectors, which it says are collectively geared to enhance the well-being of the workers. It singled out the policies to assist Guyanese women in obtaining cervical cancer screening, school-aged and pensioners being tested for sight, and assistance in obtaining spectacles if required.
The release said that upon examination, Budget 2024, has brought numerous gains for ordinary people and contributed significantly to the development trajectory of the nation. Further, its comprehensive approach addresses present-day challenges while focusing on creating better tomorrows, making it a remarkable balance for the country.
“More specifically, the budget emphasises the importance of investing in education, healthcare, and infrastructure to drive economic growth and improve all citizens’ living standards. Overall, the Budget 2024 places our country on a much stronger footing for the future, allowing us to take advantage of emerging opportunities and overcome any potential challenges that may arise,” the release added.
