Advisory Committee Initiates Minimum Wage Review

The Ministry of Financial Services, Labour and Trade has taken a significant step towards addressing the economic challenges faced by the people of the Virgin Islands by announcing the formation of an ad hoc Advisory Committee tasked with reviewing the minimum wage.

The last adjustment to the minimum wage dates back to October 1, 2016, when it increased from $4.00 to $6.00 per hour. However, a 2022 review conducted by the Social Policy Research Institute (SPRI Global) highlighted that this rate is now inadequate, considering the current economic landscape.

Minister for Financial Services, Labour, and Trade, Hon. Lorna Smith, emphasized the need for a careful and comprehensive approach to address the issue. She stated, “The Government is conscious of the many economic challenges the people of the BVI face. We must all put our shoulder to the wheel, government, employers, and employees, to ensure that individuals on low incomes do not bear a greater share of the burden than they should.”

The Advisory Committee, to be appointed in accordance with the Virgin Islands Labour Code, 2010, will consist of experts and representatives from various sectors, ensuring a diverse perspective.

The committee will have access to technical support from economists, statisticians, financial analysts, and other government officials to conduct a thorough analysis and provide informed recommendations.

Minister Smith underscored the commitment to a transparent and inclusive process, with the final report expected by the end of March 2024. The inaugural meeting of the committee is scheduled for November 21, marking the commencement of a vital initiative to address broader economic concerns in the BVI. Minister Smith concluded, “The review of the Minimum Wage is only one part of a wider assessment by the Government of how we can address the cost of living crisis across the BVI. We know our people need to be better supported, and I expect to make further announcements on this in the near future.”

The appointed committee members include Mr. Colin O’Neal, Ms. Nelda Farrington, Ms. Amberly Crabbe, Mr. Michael Thomas, Mr. Sendrick Chinnery, Mr. Laurence Wheatley, Mr. Elton Leonard, Ms. Stephanie Faulkner, Ms. Diana Wheatley, Ms. Binta Jallow, Ms. Cleopatra Besson, Mr. Sean Palmer, Ms. Lynette Harrigan, MBE, and Mr. Doug Riegels. The Ministry of Financial Services, Labour, and Trade remains steadfast in its commitment to promoting sustainable economic development in the Territory through effective labor market management, inclusive of income protection regulation.