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by pltm
(PLTM) - GIS - The Ministry of Financial Services, Labour and Trade has received the draft report of the ad hoc Minimum Wage Advisory Committee.
The Committee was established in November 2023 to conduct a comprehensive review of the Territory’s Minimum Wage.
The last increase in minimum wage was made on 1 October 2016. Since then, a review of Social Assistance by the Social Policy Research Institute (SPRI Global) discovered that the current minimum wage is well below what is now necessary to reasonably meet one’s basic needs. However, the researchers cautioned that the speed by which the minimum wage is adjusted must take into account economic constraints.
During the Committee’s review process, they examined relevant policy documents, economic data, and labour force statistics. Members of the Committee also engaged in community outreach activities, which included surveys, interviews on radio and television, and focus group discussions.
The Minister for Financial Services, Labour and Trade expressed confidence in the community’s participation and the wide range of data captured. She stated, "The Committee's efforts aimed to capture a wide range of perspectives to inform our minimum wage policy. I am pleased to say that we had a significant response from both employees and employers."
The Minister expressed gratitude to the community for their participation in the discussions. She also thanked the Committee, which was coordinated by Dr. Dawn Alexander-Joseph of the Ministry, for their hard work in ensuring that the report was delivered.
Regarding the next steps, the Ministry of Financial Services, Labour and Trade will review the Report, and its recommendations will be submitted to Cabinet for review. The public will be informed once Cabinet has made its decision.
The Ministry of Financial Services, Labour and Trade is dedicated to promoting sustainable economic development in the Territory through effective and efficient management of the labour market, which includes income protection regulation.
