UPDATE: $8.50 minimum wage to take effect from November 2024– Hon Smith
![The Minimum Wage in the [British] Virgin Islands is expected to be raised to $8.50, an increase of $2.50. Photo: Internet Source/File](https://www.virginislandsnewsonline.com/cache/images/800x_8_800x_m_MWR.jpeg)
Deputy Premier and Minister for Financial Services, Labour and Trade, Hon Lorna Smith, OBE (AL), disclosed that the minimum wage will rise to $8.50 per hour, effective November 30, 2024.
The Minister emphasised that this adjustment is part of a comprehensive strategy, which includes regular wage reviews, targeted support for small businesses, and increased investments in workforce development.
“To provide further transparency, the Minimum Wage Review report that informed this decision will shortly be laid in the House of Assembly. Following this, the report will be made available to the public for further information on the rationale and details behind the minimum wage increase,” a release from the Government added.
Hon Smith said this decision reflects a commitment to fostering a robust economy that benefits all stakeholders.
She said that "by implementing this balanced approach, we aim to enhance worker welfare while fortifying our businesses for long-term sustainability."
The adjustment follows a meticulous review by the Minimum Wage Advisory Committee, which assessed policy documents, economic data, and Labour force statistics. The committee engaged in widespread consultations, including surveys, media interviews, and focus groups, ensuring diverse perspectives from stakeholders such as the BVI Chamber of Commerce, business owners, and employees.
Honorable Smith also extended her appreciation to the committee members and the Ministry of Financial Services, Labour, and Trade staff for their valuable contributions to this process.
See previous story published on July 10, 2024
Cabinet approves increasing of Minimum Wage to $8.50
ROAD TOWN, Tortola, VI- The Minimum Wage in the [British] Virgin Islands is expected to be raised to $8.50, an increase of $2.50.
According to reports reaching our News Centre, the Cabinet met on July 9, 2024, and approved the Minimum Wage Report.
Cabinet Members have agreed with the report’s recommendation of raising the Minimum Wage to $8.50.
The minimum wage in the Virgin Islands was last increased on October 1, 2016, from $4.00 per hour to $6.00 per hour.
It was Deputy Premier and Minister for Financial Services, Labour and Trade Hon Lorna G. Smith, OBE who had commissioned a Minimum Wage Advisory Committee in November 2023.
Consultations from various stakeholders were held and the public was also given opportunities to give feedback during the consultation process.
The Ministry of Financial Services, Labour and Trade received the draft report of the ad hoc Minimum Wage Advisory Committee in May 2024.
More details to follow.
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106 Responses to “UPDATE: $8.50 minimum wage to take effect from November 2024– Hon Smith ”
Small business won’t afford store clerks resulting in more reliance on welfare systems
Many Domestic workers cannot be maintained resulting in increase in work absenteeism for child care issues
Already struggling businesses will close shop and landlords will be impacted
The struggle to keep minimum bank balances will significantly increase
Supermarkets and other stores MUST raise prices to pay employees over $300 each per month plus taxes
Independent workers like carpenters and masons and plumbers will feel justified in raising their per job fee
Released employees won’t be able to pay rents
Employers won’t be able to ss, nhi, paye
BVI now more attractive than ever to Asian and island migrants who will double up on jobs that should be spread out
Remittances to increase by 40% with less money circulating the local economy
Employers to take no nonsense stance on work produced for pay resulting in more Labour complaints
theft crimes will increase due to joblessness
STRUPPPSS.
340 x 52(weeks)= 17,680
8.50×40=340 Weekly
340×4= 1360 monthly
1360- tax(nhi, n etc) = 1160 if so much leave back
1160-800= 360 left after rent paid
360-80= 280 left out of gas
280-280=0 after grocery shopping
No money for water n electricity our to save...........we needed 10 dollars n up Government.....Strpzzzz
Next two years, increase it.
HEY ASZH**E , WE SEE THEY CANNOT EVEN FUX THE ROADS / THE FREE FLOWING SH*T - INFRASTRUCTURE ETC AND YOU JUST WANT TO MAKE NOISE , WE ALREADY HOT YHE SEWERAGE FRAGRANCE , SO PLEASE SHUT YOUR TRAP / ITS NOT MUCH BUT ITS GOOD HELP. IN THESE TIMES , YOU CAN DONATE YOURS TO CHARITY AND THEN YOU WILL BE DOING A GOOD DEED / AT THE LEAST THE LADY IS TRYING HER BEST , SHE CANNOT PERFORM MIRACLES , SHE IS NOT IN CHARGE , SO GO JUMP ON MASTER NATALIO AND SEE IF YOU CAN GET A FREE FLIGHT
Just a mere two bucks shy of the national miminum wage, and US Virgin Islands wage scale!
Now, persons, can have a choice with whom they can now spend additional earnings..
Alas, since the previous minimum wage, living expenses, and most governmental and social services, has since increased!
Again, a great day in the history of these Virgin Islands!
Also, this government squanders money that it collects from over-taxed small businesses (and the ridiculous number of paid holidays is another tax on business that nobody wants to discuss - but it's a very real one).
After such a long time may as well minimum wage should be raise to $10.00.
All businesses in the BVI will up the goods, and probably reduce or lay off some workers anyway, but who will reduce, lay off or hinder our political Leaders from raisings their salary and other allowance, and also represent us from greedy politicians in the BVI?
If in fact because of high prices minimum wage raise has long been overdue, surely it is, then minimum Social Security owners should not be ignored by any means.
There are people whose social security pay is less than $35.00 per day. Many, instead most government worker was, and probably still are being forced to work overtime without pay.
Bear in mine that certain politicians get more than $35.00 per minute in various way, including.... I hope that you know what I mean.
I am also suggesting that a Special Committee be set up to decide politicians salary and allowance. Political Leaders should not be allowed any longer pay themselves, their special friends, girl friends and boy friends, and give to others what please them from the people of the British Virgin Islands Treasury.
If this is allowed to continue any further, it will only prove the democracy is in fact an evil system continuing.
They are taking the people them NHI and SSC not paying it you don't see any thing wrong with that but you talking about 8.50 that can't buy adamn thing you too fresh please sit down or shut up.
The recently approved minimum wage hike , which increased from $6.00 per hour to $8.50 per hour will take effect in November 2024. The increase will boost the take home pay of those who had been earning less than $8.50; those above $8.50, will remain the same., unless a Cost of Living Adjustment (COLA) for public sector employees are in the offing.
However, IMO, $8.50 per hour ($1360 per month) is not a living wage and those earning it will still have challenges and struggles. The minimum wage adjustment is on the positive side of things..But there are potential down sides. How so? The wage increase though nominal could result in inflation ticking upward along with cost of living. Additionally, the increase could impact businesses operations; some businesses, especially small businesses, may have to increase prices, cut staff, etc to stay afloat. And the increase could result in fewer hires, increasing unemployment. What can government do ? It can lower the cost on imported goods, but merchants would have to pass the savings onto consumers. ????? about that happening. However, government will have to weigh the cost of lowering duty with the impact and capacity to deliver services.
There are loud calls for price controll; this sounds good but there are issues perhaps with the position. Economist Thomas Sowell in Basic Economics notes that price control lowers quality, results in shortages, etc., and that the marketplace should determine prices, ie, supply, demand, competition, etc, not forced government action.