Minimum Wage to Increase to $8.50 Per Hour Starting November 2024

Deputy Premier and Minister for Financial Services, Labour, and Trade, Honourable Lorna Smith, OBE, confirmed that the Territory’s minimum wage minimum wage will rise to $8.50 per hour effective 30 November 2024..

Honourable Smith explained that this wage adjustment is a key component of a broader, multi-faceted economic strategy. “This decision reflects our commitment to fostering a robust economy that benefits all stakeholders,” Smith stated. “By implementing this balanced approach, we aim to enhance worker welfare while fortifying our businesses for long-term sustainability.”

The forthcoming increase is part of a comprehensive plan that includes regular wage reviews, targeted support for small businesses, and increased investments in workforce development. The Minimum Wage Review report, which underpinned this decision, will be laid before the House of Assembly shortly and will subsequently be made available to the public for further insights into the rationale and details of the wage increase.

The adjustment follows a thorough review conducted by the Minimum Wage Advisory Committee, which evaluated policy documents, economic data, and labour force statistics. The committee engaged in extensive consultations, including surveys, media interviews, and focus groups, to gather diverse perspectives from stakeholders such as the BVI Chamber of Commerce, business owners, and employees.

Honourable Smith expressed her gratitude to the committee members and the Ministry of Financial Services, Labour, and Trade staff for their dedicated efforts in this process. “I extend my heartfelt appreciation to everyone who contributed to this important review,” she said.

The Government encourages both businesses and workers to embrace this positive change as a step towards creating a fairer, more inclusive, and sustainable economic environment for the Virgin Islands.