Civil servants will be getting a 10 per cent pay rise after the 2023/2024 Budget is passed with the Finance Minister announcing a "cost of living adjustment" which bankrolls the increase.

Mulipola Anarosa Ale–Molioo, in her budget address in Parliament on Tuesday, announced the cost of living adjustment (C.O.L.A.) for all civil servants as part of the Government's SAT$1.08 billion Budget.

“This COLA will see a 10 per cent increase in the annual salaries of all Principal Officers and below. Those earning above Principal Officers to below Chief Executive Officer level will see a five per cent increase whilst CEOs and above including the civil list will see a three per cent increase,” Mulipola said in her address.

“This adjustment is a result of a rigorous review by the Remuneration Tribunal, the Public Service Commission and the Ministry of Finance in identifying which key salary earners are feeling the burden of the current inflationary pressures the most.

“In consideration of the ability of the private sector to keep up, this COLA will be implemented over two years (fiscal years 2023/24 and 2024/25).”

Mulipola announced that positive growth had been restored and this was seen in the revised projections for the current fiscal year.

She said the Government intends to see yet another high growth for the new fiscal year anticipated to stand at 5 per cent.

According to Mulipola, the budget will continue to prioritise the implementation of district development plans through the $1 million per district programme.

She said the review of the aforementioned development plans has highlighted education, agricultural and fisheries development, health, social wellbeing, cultural development, environment and climate change, tourism development, infrastructure, sports development and finance as key priority areas under the project.

The Minister also announced that for the Commonwealth Heads of Government Meeting (CHOGM), the next 12 months will be focused primarily on preparing infrastructure as well as enabling all services of the Government to cater to this major event.

The Government will also provide support to the private sector so that the country is fully equipped to host an event of this magnitude. The Government has allocated $20 million for this.

“Following three years of border restrictions affecting much of the country’s infrastructural developments, the new fiscal year 2023/2024 will see much of the large projects of Government resume therefore injecting more spending into the economy, creating much-needed employment and generating more income for our citizens and thereby further pushing economic growth,” she said.