Saint Lucia: PM Philip J Pierre announces measures to deal with inflation

Saint Lucia: Prime Minister Philip J Pierre-led government, led by has announced another commitment to Saint Lucians. Government pensioners have each received a one-time EC$500 direct deposit into their accounts from the government.

PM Pierre and his Cabinet are mindful of the impact of inflation, which has caused steep increases in the cost of consumer goods. Fixed-income households and pensioners, in particular, are adversely affected by the price hikes, which are directly linked to external factors, which include the ongoing Russia-Ukraine conflict, inflation, and volatility in the international oil market – all beyond the scope of the government’s control, despite the challenges, PM Pierre has allocated approximately EC$1.5 million to provide immediate financial relief to government pensioners.

Additionally, public servants continue to benefit from a one percent wage and salary increase which took effect in April 2022.

The one percent wage and salary increase represent approximately an additional EC$4.5 million per annum for public servants. A further two percent wage and salary increase is scheduled to take effect in 2023.

PM Pierre, who is also the Minister responsible for Social Security, is also pleased with the decision taken by the National Insurance Corporation [NIC] to adjust pensions commensurate with increases in the Consumer Price Index [CPI].

NIC pensioners will receive a 4.2 percent increase in monthly pension payments. The increased pension payment will be made in August 2022 and will include a retroactive payment for July 2022. The increase is projected to cost EC$4 million per year.