The increase in the National Minimum Wage by 50 cents to $4.50 comes into effect from today.
This will be followed by a further increase to $5 per hour, effective from April 1,2025.
Pay increments also come into effect from today for civil servants and those in the independent institutions.
The increase in salaries and benefits for Members of Parliament, the President and the Speaker also start from today.
Based on the gazette, the President’s salary should increase from $130,000 to $185,000, the Prime Minister’s salary is to be reduced from $328,750 to $320,000, and the Speaker’s salary be increased from $150,000 to $220,000. As an interim measure earlier, the government had proposed and approved through parliament within the current budget year to reduce the Prime Minister’s salary from $328,750 to $263,000, the Minister for Finance’s salary was reduced from $235,000 to $188,000, Ministers’ salaries were reduced from between $200,000 and $185,000 to $160,000 and $148,000, Assistant Ministers’ salaries from $90,000 to $72,000 and the Leader of Opposition’s salaries from $120,000 to $96,000.
Based on that, the Prime Minister’s salary will increase from the current $263,000 to $320,000.
All Ministers are to get a $200,000 salary which sees a decrease in salary for the Minister for Finance and increase for other Ministers who are on $160,000, an increase in Assistant Ministers’ pay from $90,000 to $120,000, an increase in the Leader of Opposition’s pay from $120,000 to $200,000, and an increase in the pay of Members of Parliament from $50,000 to $95,000.
The Speaker and the Leader of the Opposition will also be entitled to free furnished official residences.
Based on the gazette, all Members of Parliament can buy a tax and duty free vehicle per term of parliament, $100,000 life insurance premiums which the MPs can continue at own cost after parliament dissolves and the MPs parliamentary duty allowances have been increased from $10,000 to $15,000 a year for each MP.
There are also changes to the travel allowances.
