News

Shifts noted in emigration

December 2, 2024 6:40 am

The Reserve Bank of Fiji’s Economic Review from last month highlights notable economic shifts, including a decline in emigration and a rise in wage payments and tax collections.

The number of Fijian residents traveling abroad for employment, education, emigration, and other purposes fell by 35.3 percent compared to the same period last year.

According to RBF, the growth of inward remittances has slowed due to the waning emigration trend and rising living costs in key emitting countries.

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As of September, remittance growth stood at 6.9 percent, significantly lower than the 22.2 percent recorded in the previous year.

It says domestically, employers have intensified efforts to retain skilled workers amidst labor market challenges.

RBF says total wages paid increased by 11.6 percent by September, reflecting strategies to mitigate labor shortages and maintain workforce stability.

The government has boosted its revenue, with Pay as You Earn tax collections up by 25.8 percent by October.