He made this promise yesterday while speaking on Starcom Network's popular radio call-in programme Getting Down To Brass Tacks.
"I am in a position where I can afford not to take the money, because I understand there are several people below me who have been suffering," the Opposition Leader said.
Mascoll, who is political leader of the Democratic Labour Party, stressed that he would not be taking any increases in salary and allowances.
"I will not take the proposed increase because there are Barbadians in the Public Service and beyond, who are certainly struggling under the pressure of increased food prices, increased water rates and increased electricity rates. There are middle-income families with mortgages who have to pay more. Their insurance costs are up. Everything in Barbados has gone out of control."
Disputing claims made by Prime Minister Owen Arthur that there was consultation with him on the Job Evaluation Exercise, the Opposition Leader said:
"Contrary to what the Prime Minister said about consultation on Tuesday in Parliament, he asked to see me on two occasions. But do you know something? He was not in a position to give me the details of the evaluation and therefore he requested Senator John Williams to see me and he only spent about five minutes with me. This meeting did not seek to explain anything about the evaluation.
"So when Arthur gave the impression that he had been consulting with the Opposition, that was not true because there was no consultation over an extended period of time. He merely asked to see me on Tuesday," he added.
Responding to a query on the number of Opposition Members of Parliament likely to forego the salary increases, Mascoll told Barbadians that he had already spoken with the other members and they had agreed in principle to what he would do.
"This thing is to be debated and the Opposition members will discuss it because it has not yet been fully discussed by the party. Contrary to what is believed, the details have not been fully made available to the party," he said.