Advisory Committee recommends minimum wage moved to $6.00 per hour
This was revealed today November 2, 2015 by Deputy Premier and Minister for Natural Resources and Labour Dr The Honourable Kedrick D. Pickering during the period of Statement by Ministers in the House of Assembly, during the Fourth Sitting of the First Session of the Third House of Assembly (HoA).
“Madam Speaker on the 31st of July 2015 the Minimum Wage Advisory Committee submitted its report after roughly eight months of research and consultations,” he said.
Dr Pickering said the committee took into consideration a number of factors such as the ability of employers to pay the increased minimum wage, the impact that the increase may have on the economy as a whole, the ability of families to provide basic necessities for themselves, the economic conditions of the country including job growth and the unemployment rate, the cost of living, the characteristics of minimum wage earners, the overall impact of a minimum wage increase on businesses, trends and developments regarding minimum wage in other jurisdictions among others.
The Labour Minister added that while the committee was asked to consider various levels of minimum wage for different categories of workers, the committee in the end recommended a single minimum wage but with the understanding that market forces will come into play to determine what each category will earn.
The VI now second in the region among OTs
The Deputy Premier said that while there are benefits to the increasing of the minimum wage there are also disadvantages such as layoffs and prices increases. He said, according to the report, there seems to be unanimity on the need to increase the minimum wage.
“Therefore reinforced by this consensus the committee has recommended the upward adjustment in the minimum wage from the current $4.00 per hour to $6.00 per hour. This will take the territory to the lowest of the overseas territories in this region to just below Turks and Caicos which is currently set at $6.25 per hour.”
Recommendation based on broad spectrum of considerations
Hon Pickering said the recommendation has been informed by a broad spectrum of factors that influence economic conditions within the territory. “And these factors include job growth and unemployment rates, the cost of living, an analysis of information from public consultations, government departments and statutory bodies, the average wage of the territory, the consumer price index and the territory’s inflation rate.”
According to the Minister, the committee also recommended that the minimum wage be reviewed at least every five years, that the revised minimum wage is introduced within a reasonable time and that the Labour Department be provided with adequate resources to ensure that there is compliance.
The Minister also tabled the report of the Advisory Committee in the House of Assembly today.
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36 Responses to “Advisory Committee recommends minimum wage moved to $6.00 per hour”
6x8=$48
$48-32=$16
$16x(5 days a week)=$80
$16x(6 days a week)=$96
$80x (4 weeks per month)=$320
$320x12=$3840 extra per year.
If I were to get an extra $300 a month right now I would be quite happy. There just ain't no please you people messon....Now I realize not everyone works 40 hours per week but it is still better than nothing. Raise it too much and it may cause more harm than good.