Territory encouraged to participate in Minimum Wage Review
It was announced in November 2023, that the Ministry of Financial Services, Labour and Trade had established an ad hoc advisory committee to review the minimum wage in the Virgin Islands and report by the end of March 2024.
The minimum wage in the Virgin Islands was last increased on October 1, 2016, from $4.00 per hour to $6.00 per hour.
According to a press release from Government Information Service (GIS), this initiative underscores the Ministry of Financial Services, Labour and Trade's commitment to fostering an inclusive economy where every worker is guaranteed a wage that meets their basic needs and aligns with the country's current economic realities.
'Critical tool'
The minimum wage review process is being seen as a critical tool for economic adjustment and social consideration, reflecting the government's dedication to improving living standards for every citizen.
To achieve a comprehensive and equitable review, the Ministry seeks the active involvement of all stakeholders, including workers, employers, and the general public. The Ministry said the public's insights and experiences are invaluable to developing a well-rounded, effective policy that benefits the Territory
"Economic Realities and Adjustments: As we navigate through changing economic landscapes, our minimum wage must reflect current living costs, inflation rates, and economic forecasts. Your contributions will provide a broader understanding of the economic conditions affecting workers.
Social Equity: Ensuring every worker earns at least a basic wage is fundamental to social equity. Participating in this process helps promote fairness and equality in the workforce," the press release stated.
The public can access the survey via: https://www.surveymonkey.com/r/SPNQSQF
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21 Responses to “Territory encouraged to participate in Minimum Wage Review”
The flip side is this, if minimum wage is increased how would those businesses survive. They would have to increase the prices for they goods and services. What does mean for the territory, the operational cost for all businesses goes up in some way. Meaning cost of living will probably go up by a minimum of the same factor that minimum increases, meaning it could go even higher.
Then how will those that benefit from minimum wage increase actually benefit. They wouldn't, what would make sense for them is that they get special discounts exclusive to persons earning less than say $10 to $12 an hour.
Or the government should consider reducing duty for businesses that have persons on minimum wage under the condition that they give a special discount for very low income earners.
Yes, the VI standard of living and quality of life have improved having transitioned from subsistence agriculture to services,,ie, tourism and financial services. Consequently, the VI like all developing countries at a certain point in their growth and development the local population refrain form performing certain jobs, especially low/ nonskilled jobs. These jobs must be done, so to get them done labour must imported. This is the VI situation. The VI has a relatively large motivated expat population with most of it being low/unskilled. No diss intended. Just calling balls and strikes. Nonetheless, all low/non-skill workers should be paid a living wage.
Moreover, cost of living is skyrocketing in VI. Yes, the VI is an importing nation, producing little and importing most of its needs. Yes, there are inflation issues,,import requirement costs, supply chain issues, etc., the pricing structure though in the VI is whacked. In fact there is no designed pricing structure. Businesses just stick it to consumers it seems, for all businesses are of the same mind set, so consumers have no choice but suffer,,bearing the pain. I’m not a fan of price control, for it leads to shortages, poor quality, etc, but something must give.
BVI Government it's time to raise all retirees salary.. Enough is Enough very one is affected with the cost of living in the BVI. And increase the wages end of the bull s*** about:
The public has been encouraged to participate in the much talked about and highly anticipated Minimum Wage Review.