[Caribbean] CEO believes minimum wage trend indicates economic turnaround

A recruitment executive has praised the recent series of minimum wage increases trending throughout the Caribbean and claimed they could be a positive sign for the region’s economic future, The Voice reports.

Joseph Boll is the CEO of Caribbean Employment Services Inc., a market-leading digital talent acquisition service. He said that the minimum wage hikes are both a welcome change for residents and also a potential indication of an economic turnaround after two gruelling years.

“I’m sure the impacted residents all feel that this has been a long time coming,” says “Most regional governments who have made such a move have also said it’s to counteract the rising cost of living, which certainly can’t be understated.

“But for a region whose economies were mostly disrupted by the pandemic, and its impact on tourism, the fact that governments are able to still commit to wage increases is a very promising sign.”

A number of CARICOM member states - together with other Caribbean nations - have reportedly either increased minimum wages for the public or private sector, revealed that they are in discussions to do so, or moved to implement minimum wages for the first time, just within the past year.

One of the most recent is The Bahamas, which increased its minimum wage for the first time since 2015. The minimum wage is now $260 per week, with their dollar just about on par with USD. Shortly before this, Bermuda made moves to set its minimum wage at between $16 and $16.40, making it among the world’s highest-paid since Bermuda’s dollar is also on par with USD.

Mr Boll said, “As an organisation that aims to help companies attract the top talent, and at the same time help jobseekers find their ideal role, better wages will always be welcome news to Caribbean Employment Services Inc. It’s even better to know that the region’s economy is making a strong comeback, and it’s fair to expect that higher wages will stimulate the economy as people are able to buy more and give the economy a boost.”

Source: The Voice

(Quotes via original reporting)

A recruitment executive has praised the recent series of minimum wage increases trending throughout the Caribbean and claimed they could be a positive sign for the region’s economic future, The Voice reports.

Joseph Boll is the CEO of Caribbean Employment Services Inc., a market-leading digital talent acquisition service. He said that the minimum wage hikes are both a welcome change for residents and also a potential indication of an economic turnaround after two gruelling years.

“I’m sure the impacted residents all feel that this has been a long time coming,” says “Most regional governments who have made such a move have also said it’s to counteract the rising cost of living, which certainly can’t be understated.

“But for a region whose economies were mostly disrupted by the pandemic, and its impact on tourism, the fact that governments are able to still commit to wage increases is a very promising sign.”

A number of CARICOM member states - together with other Caribbean nations - have reportedly either increased minimum wages for the public or private sector, revealed that they are in discussions to do so, or moved to implement minimum wages for the first time, just within the past year.

One of the most recent is The Bahamas, which increased its minimum wage for the first time since 2015. The minimum wage is now $260 per week, with their dollar just about on par with USD. Shortly before this, Bermuda made moves to set its minimum wage at between $16 and $16.40, making it among the world’s highest-paid since Bermuda’s dollar is also on par with USD.

Mr Boll said, “As an organisation that aims to help companies attract the top talent, and at the same time help jobseekers find their ideal role, better wages will always be welcome news to Caribbean Employment Services Inc. It’s even better to know that the region’s economy is making a strong comeback, and it’s fair to expect that higher wages will stimulate the economy as people are able to buy more and give the economy a boost.”

Source: The Voice

(Quotes via original reporting)