Business

Budget will increase consumer spending power

July 1, 2024 11:47 am

The Consumer Council of Fiji has welcomed the recently announced National Budget, saying it is a significant step towards enhancing the financial well-being of Fijian consumers.

Chief Executive Seema Shandil says the announcement of a seven to 10 percent increment for salary-earning civil service employees, and a 10% to 20% increment for wage-earning civil servants will improve the financial stability of thousands of families across Fiji.

Shandil adds that since the government is the largest employer in Fiji, this pay rise is expected to enhance the disposable income of civil servants, enabling them to better support their households and contribute to economic growth.

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Consumer Council of Fiji Chief Executive Seema Shandil

Coupled with this, she adds the increase in the National Minimum Wage to $4.50 effective August 1st, with a further increase to $5.00 by April 1st next year, will directly bolster the earnings of the lowest-paid workers, ensuring that all Fijians can meet their daily needs.

Shandil says the increase in social welfare allowances, also reflects a strong commitment to supporting vulnerable populations.

She says the restructuring of the transport scheme to provide cash allowances instead of bus fare top-ups from August 1st ensures that elderly citizens and persons with disabilities without access to public transport services receive financial support.

Shandil states that while the entitlement age for these benefits has been raised from 60 to 65 years, the overall increase in social welfare funding is a significant step towards addressing the needs of our most vulnerable citizens.