Finance Minister Colm Imbert is contemplating a potential increase in the minimum wage within the country. The minimum wage was last adjusted in December 2019, raised to $17.50, marking a four-year gap since it was previously increased to $15 in 2015. Former Minister Dr. Bhoe Tewarie stated that considering the current circumstances in the country, another increase is essential.
However, he believes that an increase in the minimum wage will also impact the labour market by raising operational costs for businesses. Dr. Tewarie anticipates that an increase in the minimum wage may weaken the position of both workers and the marketplace. He emphasized that the government cannot simply raise minimum wages in an arbitrary manner to address the issue of low spending power among the population.
Dr. Tewarie called on the government to address various concerns, including housing costs, crime, public transportation, and the availability of foreign exchange. He emphasized that addressing these issues is crucial for an increase in the minimum wage to not negatively affect the labour market and to ensure that the business sector can withstand the increased costs.
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