[ad_1]
Falkland Islands Government announces 2024/25 budget
Focusing on our present and future generations is at the heart of the Falkland Islands Government’s 2024/25 Budget. The Budget recognises that both of these themes are vital for the community to mitigate the ongoing global cost of living crisis and the uncontrollable situations occurring around the world which ultimately impact on our economy.
The operating budget for 2024/25 is £101.8 million (excluding internal top-ups) and key areas of investment over the next 12 months include:
• £18.9 million for health and wellbeing
• £10.9 million for education and training
• A £2.8m government wage increase, including a cost-of-living increase and step point increase for all staff
• £8.4 million for environmental protection, including funding for subsidies and scientific research
Our commitment to capital projects will continue in 2024/25, with these projects boosting private sector activity. Priorities in the capital programme are: new port facilities, a new power station, Sandy Bay Wind Farm Phase 3 and a new waste management facility. Other key projects and work programmes include: improvements to hospitals and vulnerable services, including completion of Tussac House in 2024, continued maintenance of Stanley and MPA roads, repairs and investment in new camp roads, new sports facilities, replacement of key ICT infrastructure, continued funding for housing and building maintenance, and development of new residential plots, which will add £6m to the capital programme fund.
From 1 July 2024, all government employees will receive a 5.5% cost-of-living wage bonus, with eligible employees also receiving a step point pay rise. From 1 January 2025, the minimum wage will increase from £8.57 to £9.19 per hour; the personal income tax allowance will increase from £15,960 to £16,860; and the 21% threshold will increase from £12,000 to £18,000.
Weekly pension payments will increase from £177.78 to £192.57, in line with the 8.3% increase in the Retail Price Index in September 2023. Pension contributions will also increase by 8.3% from January 1, 2025.
Supporting health and community wellbeing is a key component of this year’s budget. Caring communities have received £400,000 in extra resources for health and social services, overseas care will receive £800,000, and education has received £300,000 as class sizes increase.
MLA Roger Spink, Portfolio Holder for Corporate Government Services, said: “This Budget follows the principles of ensuring the long-term financial stability of the Falkland Islands. It secures sustainable pension arrangements while increasing pensions. A range of other benefits will increase by 8.3% in line with the September 2023 Retail Price Index, and increases to personal income tax allowances and thresholds will provide relief to working people across our community. Increases in fees and charges have been moderated to reduce their inflationary impact. Capital investment in key infrastructure that supports sustainable social and economic development supports the long-term development of the Falkland Islands while providing opportunities for the private sector. The decisions taken will result in a small net reduction in permanent establishment posts. Full details of the 2024/25 Budget and Financial Plan can be found in ExCo document 77/24 and its appendix.”
***
[ad_2]
Source link
