The negative ripple effect is evident in Government’s reduced tax revenue and continued demands on the National Insurance Scheme (NIS).
Higher joblessness was singled out as one of the reasons why the Treasury received less personal income taxes (PIT) by the end of the financial year on March 31.
Government earned $146.3 million less in PIT last financial year compared with 2019/2020, and $28.3 million less in this year’s first quarter than in 2020’s.
Information from the Central Bank’s first-quarter economic report revealed that some Barbadians filing unemployment claims at NIS “were ineligible for unemployment payments, as they had not made enough contributions since exhausting their benefits in the previous year”. (SC)
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