Suruj: 75 per cent earning under $6000 a month

TABAQUITE MP Suruj Rambachan says he was "devastated" when the Central Statistical Office informed him close to 75 per cent of citizens earn less than $6,000 a month.

"That is a very serious statistic."

He was contributing to debate on The Planning and Facilitation of Development (Amendment) Bill in Parliament Friday.

He said if a bank gives 40 per cent of gross income as a mortgage repayment then people earning less than $6,000 can only afford $2,400 a month on a mortgage. He added to borrow $1 million from the Trinidad and Tobago Mortgage Finance Company at two per cent the repayment is $3,696 per month which means a monthly income of $11,000 is required.

"People are being excluded therefore from a home-owning democracy in this country."

Rambachan said the right to own a property is among the fundamental pillars of a strong democracy.

"And when you have people who cannot own a property and call it their own what you are doing you are marginalising people and you are frustrating the building of a strong democracy in the country."