In the news this week: the increase in food prices continues as the Government gets rid of subsidies.
Consumption: spike in the price of food essentials and construction materials
The cost of living continues to rise on the island. The government has taken the decision to remove state subsidies on seven categories of basic food products. These products are canned goods (pilchards and sardines), canned tomatoes, cheese, edible oil, margarine, milk powder and dry grains. They will cost more starting next month. However, the government has indicated that prices will be controlled.
On the other hand, some construction materials will be increased from June 20. An increase that concerns ready-mixed concrete, concrete blocks, aggregates and "rocksand". Those who had planned to build a house will have to review their budget.
Employment: Wage adjustment for 70,000 private sector workers
The Cabinet has approved a recommendation to adjust the wage ratios of 17 sectors of the private sector. This follows the introduction of the national minimum wage in 2018. The Labor Minister pointed out that some 70,300 private sector workers are affected by this wage adjustment and the increase will affect a maximum threshold of Rs 1,000. He said that this new measure will be applied gradually over a period of 3 years from July 1, 2022.
