Budget highlights

Some of the Budget highlights as announced by the Minister are:

• The Deposit Insurance Corporation will increase its deposit insurance coverage limit from $75,000 to $125,000 for deposit holders of commercial banks and non-banks licensed under the Financial Institutions Act 2008
• Minimum National Insurance retirement pension will be increased to $3,000 per month during fiscal year 2012
• Waiver on the payment of penalties and interest on outstanding contributions to the National Insurance Board until June 30, 2012
• THA to be allocated $2.2 billion
• The Scarborough General Hospital to be delivered before Christmas 2011
• Single mothers who are sole caregivers with a special child to receive grant
• Differently-abled will qualify for support under the Food Card Programme
• All disabled who wish to enter the labour market to get $5,000 scholarship under the Rise Up Programme
• Long standing applicants to the HDC to get priority for housing
• Reduction in mortgate rates from the TTMF from 6-8 per cent to 5-7 per cent
• In 2012 4,450 housing units to be completed
• GATE programme to be under rigorous pay for performance rules to get value for money
• Biggest slice of the Budget will go the Ministry of National Security – $5.1 billion
• Hope to conclude outstanding public sector negotiations shortly for the period 2008 – 2010, before the People’s Partnership time in Government
• Negotiations for 2011-2012 period will have social dialogue if there are to be mutually acceptable settlements
• Other members of protective services including the Trinidad and Tobago Defence Force, Fire and Prisons to also receive an incentive monthly allowance as currently being received by police officers
• Modernise the Central Statistical Office to provide real time statistics
• Timely VAT refund payments
• E-payment system for payment of taxes and goods

Full Budget Statement