June 10, 2024
Due to the worsening economic hardship of the populace, the government has put out cost of living measures to ease the burden on citizens. The measures were announced on 10th June 2024 to release pressure on those adversely affected by the inflation rates.
The heart of the package in question is an array of measures to deflate the cost of several specific goods and services. The government has also declared to slash the tax on essential commodities like bread, milk, and vegetables by 10% through VAT. Furthermore, the rate of VAT charged on household energy bills will be reduced by 5%. It will help households with challenges in paying their energy bills.
The government has also launched a new program to support those families that are unable to cope with housing expenses. The scheme, to be administered over the next six months, will offer cash to individuals having difficulty meeting rent or mortgage costs. It will be done by providing subsidies along with interest-free loans.
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Moreover, the country’s government has declared its intention to enhance the minimum wages for employees by 5% to ensure that they can cope with the increasing cost of living. This increase will be introduced gradually over the next twelve months, with the first implementation stage in September 2024.
The measures taken recently by the government regarding the cost of living have been appreciated by the opposition as well as economic experts because of the supporting approach of the government to the financial crises that the citizens are facing. The measures as outlined are still believed to offer considerable comfort to those affected by the heightened cost of goods and services and foster economic growth.
