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Palau Koror – The Palau Senate passed a $13 million supplemental budget for fiscal year 2024 (FY 2024), while increasing the minimum wage by 75 cents per hour.
The measure came after the House and Senate failed to agree on their respective versions of a supplemental budget bill. A negotiating committee of lawmakers from both chambers reached a compromise that included most of the policy riders that came with the bill, most notably a minimum wage increase.
The $13 million would increase the fiscal year 2024 budget from $119 million to $132 million, exceeding pre-pandemic funding levels.
The approved bill contains a number of policy riders, including:
- Minimum wage increase: The minimum wage will increase by 75 cents per hour.
- Child allowance increase: Child benefit rates will increase (by an unspecified amount).
- Tax refund eligibility expanded: Individuals earning between $15,000 and $30,000 per year will now be eligible for a tax rebate.
- Senior Citizen Refunds: Palau residents 60 years of age and older with no other source of income will receive a refund of $480.
An amendment calling for national and state governments to share tax revenue was deleted from the final bill.
The bill will now go to the House of Representatives for a final vote. Since a majority of representatives on the negotiating committee support the measure, it is expected to pass.
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