Finance Minister Colm Imbert has said no responsible government can contemplate bankrupting the country to appease a portion of the labour force.

He was speaking on the issue of wage negotiations and compensation during the budget presentation, 2023 on Monday.

“Central to the fair and efficient functioning of the public service is the establishment of a fair and equitable compensation system for our public-sector employees, but the approach to achieving this objective must be careful and consistent with the known availability of resources.

"No responsible government can contemplate bankrupting the entire country simply to appease a portion of the labour force.

"We are firm in our view that our current offer of four per cent over the period 2014-2019 for the mainstream public service, although it will be a challenge to raise the required funds, is practical and equitable.”

Imbert said the additional annual recurrent cost of government’s offer is approximately $500 million, and if this offer is extended to the wider state sector, the additional cost would almost double, to approximately $1 billion per year.

"The backpay that will accrue to June 2023, for just the mainstream public service, is $2.4 billion, which will increase to $4.6 billion when the state sector is included.

"We will find the money, difficult as it it will be, and make the required payments promptly, but any more than this will wreck the economy – not just for the public servants but for everyone else."

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