Increased minimum wages to take effect from March 1

The minimum wage in St Vincent and the Grenadines (SVG) for full time workers has been increased to one thousand dollars (EC$1,000) as government seeks to improve the condition of employment for all workers.

The new minimum wages will not only be for full time, monthly workers, but also daily paid workers.

The increased wages form part of the 2024 National Budget which was presented by Minister of Finance, Camillo Gonsalves on Monday, January, 8.

“No full time daily paid workers should ever earn less than $50 per day,” minister Gonsalves announced.

He said the increases reflect a 75% increase in wages for monthly paid workers and a 56% increase for daily paid workers.

For Youth Employment Service (YES) workers, apprentices, and interns the minister said they should earn no less than $40 per day, or $800 monthly.

This is the 4th upward adjustment of the minimum wage under the Unity Labour Party (ULP) administration.

Minimum wages were increased in 2003, 2008, 2017 and now in 2024.

According to Minister Gonsalves, this latest increase forms part of the government’s “unshakable commitment to inclusive development and reduced inequality”.

The new minimum wage becomes effective from March 1,2024, and minister Gonsalves believes that the increase is “timely, manageable and progressive.”

The finance minister also noted that the increases in the 2024 budget represents the second consecutive year wage hike for civil servants and an adjustment in the income tax threshold to benefit all workers.

This year, civil servants will receive a 2% salary increase. Having received a following on from a 2.5% increase last year.

In November, 2023, SEARCHLIGHT reported on the results of the Pay Pulse 2023 Caribbean Salary Survey which showed that St Vincent and the Grenadines was ranked as the lowest paying country in the region.

Of the 15 counties surveyed, 73.3% of salaries here fell below the regional average.