.png)
Businesses agreed minimum wage was not enough to meet basic needs– Hon Smith
“First, it is important to note that the committee undertook consultation with a wide range of stakeholders through interviews, focus groups and the consideration of written representations, ensuring that a diverse but representative perspective of views was considered, including those from the BVI Chamber of Commerce, business owners and employees,” Hon Smith said while speaking on a July 15, 2024, interview with Acting Director of Communications Karia J. Christopher.
Hon Smith said the committee also meticulously assessed employment patterns, inflation trends, living costs and wage structures, as well as made regional comparisons of similar economies and added that most businesses that responded to the committee request for information, agreed that the current level of the minimum wage was not enough to meet basic needs.
“So, it was only after this close examination that the committee recommended an increase in the minimum wage. This was designed to balance the urgent need to improve living standards of workers faced with stagnating wages and a sharp increase in the cost of living especially in housing, healthcare and consumer goods, and the need for businesses to adapt to rising labour costs in a sustainable way,” the Deputy Premier said.
Gov't strived for balance with $8.50
The Minister added that it was the objective of achieving a balance which has informed the government's decision and that they are especially cognisant of the challenges of the small and medium-sized enterprise sector, which is being faced with rising costs, already having expressed a degree of apprehension about the impact of any increase.
“So it is for this reason that the government settled on $8.50. I am pleased at the constructive way our business community addressed the opportunity to engage with the committee and a number of recommendations emerged aimed at supporting both business and minimum wage earners.”
Additionally, Hon Smith said the committee also received several suggestions that could help reduce the cost of doing business in the VI and to help mitigate the impact of any increase in the minimum wage.
“Work in these areas, such as improvements in access to loan finance, are already underway… and I will continue to liaise closely with the banks as they come forward with more proposals on how this can be achieved.”
Hon Smith said she also expects that the Small Business Grants Programme will come on stream shortly and that this will provide more resources to the small business sector with further suggestions to increase the tax break threshold from $10,000 to $15,000 for persons on minimum wage.
_(1)1.png)
.png)
_-_Made_with_PosterMyWall.jpg)
4.png)
_01.png)
Follow Us On
13 Responses to “Businesses agreed minimum wage was not enough to meet basic needs– Hon Smith”
TYSON *
We need to be very careful at this juncture, if not, trying to arrive at a win/win settlement without carefully considering bout employees and employers position may cause future problems.
Selflessness, especially by employers and government leaders and government works that run businesses while presently employed by our government, can hinder a win/win conclusion on the Topic Issue.
I honestly believe that maximum $10.00, a raise of $4.00 for $6.00 is a fair raise for minimum wage earners. Basic needs for all must not be overlooked, neither should employers rights.
We should not forget that business means investing for profit on investment.
All employees love being paid for holidays by employers. We cannot afford at this time of careless government leaders mismanagement of out finances to cause fear of present and future investers, because of greed on both sides.
I believe, in my opinion, that a $10.00 minimum wage an hour should be accepted by bout the employees and employees for the next two years before it can be revisited, if not unseen crisis cause otherwise.
The ruling party is in charge (accountable) to us (the tax payers) for good management of of finances to ensure that both employers and employees work in unity on this issue and others.
Thanks.