I listened to Prime Minister Andrew Holness's five hour long budget speech so you don't have to! Here are five things he said that could affect your pocket.
ONE - Minimum wage is going up from 15 thousand to 16 thousand dollars a week. That’s about 100 US dollars. This is effective June 1. So if you earn minimum wage, or if you have employees who you pay minimum wage, such as helpers, gardeners or security guards, it's time for a raise.
TWO - You can now borrow more from the NHT. A single applicant can now borrow up to 9 million dollars, up from 7.5 million. Two co-applicants can borrow up to 17 million up from 15. And for three co-applicants, the limit is now 23 million dollars up from 21 million.
There were a lot of other updates about NHT which deserve their own video, so watch out for that.
THREE - Fifty thousand Jamaicans will be getting a 20-thousand dollar cash grant under the Solidarity Programme. This is specifically for people not on PATH, NIS, Social Pension, and didn't qualify for the reverse tax credit.
FOUR - The government will be adding 200 million dollars to the HOPE for Children Trust Fund. This is a long-term savings account for all Jamaican children, which they can access when they turn 18.
FIVE - This one is for car owners. Fitness on new cars will now be valid for five years. And used cars less than ten years old will be valid for three years. There will also be an option to renew your vehicle registration for two years.
And speaking of driving, the PM announced a ton of new road initiatives, which we'll cover in a separate video. Follow so you don't miss it.
And that’s the bottom line.
What was your key takeaway from the PM’s speech? Let me know in the comments.
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