Business

Raises And Refund Payments To Have Multiplier Effect, Mapp Administration Says

ST. THOMAS -- Recent raises for government employees and the timely payment of 2015 tax refunds stand to provide a significant boost to the Virgin Islands’ private sector and improve the territory's overall economic outlook, the Mapp administration said through a press release issued this afternoon. The administration quoted Government House Chief Economist and Fiscal Policy Adviser Dr. Simon Jones-Hendrickson. Last week more than $9.9 million was paid out in 2015 tax refunds and another $10 million in refunds are ready to be processed for payment, according to Government House. Additionally, employees from ten government agencies are receiving raises this week that will amount to annual salary increases averaging just under $5,000. Most of these workers will also be receiving a significant lump sum in their June paychecks as Governor Kenneth Mapp authorized all raises retroactive to January 1 of this year. “We should experience what is known as the multiplier effect, where there ...