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CTUSAB’s COMMENTS ON THE PRESENTATION OF THE FINANCIAL STATEMENT AND BUDGETARY PROPOSAL
PRESS RELEASE - August 23, 2011
In responding to the presentation of the Financial Statement and Budgetary Proposals as laid on Parliament on Thursday, August 16, 2011, by the Hon. Christopher Sinckler, Minister of Finance and Economic Affairs, the Congress of Trade Unions and Staff Associations of Barbados (CTUSAB), is satisfied that Government heeded its call for a no taxation budget.
CTUSAB contends that had the Government chosen to do otherwise, that it would have translated into further stress on the middle income earners; the vast majority of whom would be public sector employees. It is also evident that the rippling effect of increased taxation would be felt by the most vulnerable in the society.
It was the expectation of the Congress that the Budget would have placed a greater focus on stimulating the ailing economy, as there is a need to provide incentives to the private sector to enhance job growth.
The CTUSAB welcomes the allocation of $50M. in amounts of $10M. over the next five years, starting in 2012, to support of the cultural industries. This meets with the Congress’ call for support to the Sports and Cultural sectors as a means of stimulating employment and growth.
In noting government’s policy that speaks to a reduction of expenditure at the level of its departments and agencies, CTUSAB remains strong in its call for measures to be put in place by the relevant departments and agencies to ensure a considerable improvement in the efficiency and collection of revenue.
It is to be regretted that government did not take on board the Congress’ request for a reversal of the earlier decision, which had the effect of disallowing credit union members from claiming income taxes on their special savings. In like manner, there was no consideration to making an adjustment to the income tax bands, in order to offset some of the effects of inflation of workers.
Given that Public Sector Wages and Salaries for the two year period 2010-2012 remain outstanding, and based on the projected 2.0 – 2.5% growth in 2011, the Congress was expectant that Government would have used the opportunity to set out a framework for public sector pay increases over the next two years.
DENNIS DE PEIZA
General Secretary
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