Minimum Wage
The introduction of Minimum Wage has been a very topical discussion in recent years. Members of the Legislative Assembly have even made attempts at introducing Minimum Wage but to date this has not been enacted. This effort to introduce an acceptable level of compensation in a jurisdiction with high levels of cost of living will be quite challenging and should be carefully assessed to minimize the cost to employers and in turn the country.
Residents in the Cayman Islands have enjoyed a comfortable standard of living and this has become the envy of other jurisdictions. “There are no old cars in the Cayman Islands” comments John Kim, a successful business owner from Florida.
Reports have shown that the Cayman Islands is ranked highly in terms of Per Capita Income which has also affected the views of the Cayman Islands by regional lending Institutions when considering project financing options.
This standard of living will be difficult to relinquish as consumers have invested in homes and also a culture of success and comfort and in my view leads to the urgency for a solution.
Solution 4
In an economy where an individual’s ability to survive is based on a monthly salary rather than an hourly wage, it may be wise to consider a minimum monthly salary related to a number of hours rather than an hourly rate. This gives the employee the ability to plan and budget accordingly and also gives the employer that added comfort that he will be better able to measure his monthly operational costs and related financial returns from that expense.
