Prime Minister Bruce Golding Sunday night announced that
he will be giving up 15% of his yearly salary while foregoing an expected
increase in his take home pay this month.
In a broadcast to the nation Sunday night Mr. Golding said his government will spare nothing to keep the reins on public spending, in the wake of the dismal economic fortunes facing the country.
The Prime Minister came to the country Sunday night just two days before his administration will go to parliament what observers says will be the most difficult budget to the country will have to finance.
Mr. Golding said the income side of the budget has been severely hurt by the global economic crisis with inflows of revenues tumbling at all levels.
Mr. Golding announced that he will be sacrificing a portion of his yearly salary of $4.7 million.
The amount he is giving up amounts to $705,000 annually.
In addition, the Prime Minister said he will be asking the other 59 parliamentarians to give up some of their pay.
This is part of a symbolic move to constrain any further movements in government spending.
"This year, not only am I foregoing the 7% increase that would have been due on April 1st but I will be taking a 15% cut in my salary and I ask all Members of Parliament to join in this symbolically important example by taking a 10% cut in theirs," said Prime Minister Golding.
MP's currently take home $2.2 million per annum.
Mr. Golding said the government's payroll would have increased by 46% if it had granted the retroactive increases to teachers as well as the 7% increase in the salaries of government workers on April One.
The Prime Minister reasoned in his national broadcast that the public sector wage increases would push the fiscal deficit, or the difference between what the government collects and spends, out of control which he says cannot be sustained especially in harsh times.
But he noted that some categories of government workers will get some relief.
"There are some categories of workers such as nurses that did not benefit from the increases granted last year and we will have to find some accommodation for them but the rest of us will have to hold strain," he said.
In a broadcast to the nation Sunday night Mr. Golding said his government will spare nothing to keep the reins on public spending, in the wake of the dismal economic fortunes facing the country.
The Prime Minister came to the country Sunday night just two days before his administration will go to parliament what observers says will be the most difficult budget to the country will have to finance.
Mr. Golding said the income side of the budget has been severely hurt by the global economic crisis with inflows of revenues tumbling at all levels.
Mr. Golding announced that he will be sacrificing a portion of his yearly salary of $4.7 million.
The amount he is giving up amounts to $705,000 annually.
In addition, the Prime Minister said he will be asking the other 59 parliamentarians to give up some of their pay.
This is part of a symbolic move to constrain any further movements in government spending.
"This year, not only am I foregoing the 7% increase that would have been due on April 1st but I will be taking a 15% cut in my salary and I ask all Members of Parliament to join in this symbolically important example by taking a 10% cut in theirs," said Prime Minister Golding.
MP's currently take home $2.2 million per annum.
Mr. Golding said the government's payroll would have increased by 46% if it had granted the retroactive increases to teachers as well as the 7% increase in the salaries of government workers on April One.
The Prime Minister reasoned in his national broadcast that the public sector wage increases would push the fiscal deficit, or the difference between what the government collects and spends, out of control which he says cannot be sustained especially in harsh times.
But he noted that some categories of government workers will get some relief.
"There are some categories of workers such as nurses that did not benefit from the increases granted last year and we will have to find some accommodation for them but the rest of us will have to hold strain," he said.
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