From Friday, workers earning $1 182 per week and more were going home with a little less money in their pay packets as a result of an increase in the National Insurance Scheme (NIS) insurable earnings ceiling.Monthly paid workers earning $5 120 and above will also see bigger NIS deductions on their pay stubs at the end of this month.Since the recent reminder that the adjustment would take effect this month, several residents had been complaining about having to go home with less pay amid the rising cost of living.However, Minister in the Ministry of Finance Ryan Straughn said the adjustment was necessary given increased demands on the NIS.The ceiling has been adjusted upwards since 2004.
Persons who awaiting tax refunds either via cheque or direct deposit are being asked to be understanding as government navigates some cash flow issues to fulfil their payments.
During a question and answer segment after a press conference this aft
Wednesday, December 21, 2022, will be Barbados' second Christmas VAT Holiday in two consecutive years.
Many are hoping it becomes an annual staple on government's calendar so that they can plan better for it. However, with the announcement made ye
Barbadians who are yet to receive that direct debit or cheque with an income tax refund may have to wait a little longer. And they are being asked to be a little patient. Minister in the Ministry of Finance Ryan Straughn told the country yesterday that though most of the payments for this financial year had been disseminated, Government was in a bit of a cash crunch. He was speaking …
It is understandable the excitement within the Ministry of Finance following news that external investors are showing greater confidence in Government by snapping up some $140 million or US $70 million in restructured Government of Barbados (GOB) bonds in a debt swap.Minister in the Ministry of Finance Ryan Straughn was quoted in the media on Wednesday: “Considering that the external bonds were trading at close to par for most of the duration after the foreign debt restructuring in December 2019, then it was not surprising. It demonstrates an expression of confidence in the management of the country’s fiscal affairs by the investors.”We have come a long way from the period when foreign holders of GOB debt were threatening legal action against the country over fallout from the debt restructuring process.It was back in October 2019 that the administration announced it had reached a deal with international market creditors more than a year after the country entered a historic select