NASSAU, BAHAMAS — The national minimum wage shall be increased to $260 per week.
Prime Minister Philip Davis made the announcement during a national address tonight as he outlined the crises impacting the country on multiple fronts, and the federal government’s plan to maneuver the nation forward.
The last time the minimum wage was raised was in 2015.
“A new increase has long been overdue,” Davis said.
“Tonight, I’m announcing that the country’s new minimum wage shall be $260 every week. For minimum wage earners in the general public service, the change shall be retroactive, going back to July of this 12 months.”
He continued: “For minimum wage earners within the private sector, the rise will begin in a bit of lower than three months, in January of the approaching 12 months, allowing employers time to arrange for the increased expense.
“The upper minimum wage will profit tens of hundreds of Bahamians.
“Will the rise help? Yes, it should. It was long-awaited, long overdue, and the more money every week will make a difference,” Davis said.
Davis said the rise reflects progress towards a livable wage.
“The raise was negotiated by the National Tripartite Council, which incorporates the federal government and representatives from the private sector and unions,” he said.
“Our shared goal was to boost the minimum wage without having a negative impact on employment or job growth, and we imagine that has been achieved.”
Davis also announced the inclusion of 38 items to the value control list in a bid to offer relief amid global inflation.
“We’re limiting the wholesale and retail markup of on a regular basis items like diapers, and food like chicken, eggs, bread, bananas, apples, oranges, broccoli, onions, and potatoes,” he said.
“This stuff are being added for a minimum of a 6-month period, at which point we are going to review and evaluate the impact on businesses and consumers.”
