Incentive Package Should Reduce Labour Costs By 8%

New Social Security Building Under Construction

New Social Security Building Under Construction
Photo By Erasmus Williams

Basseterre, St. Kitts – Nevis
September 08, 2009 (CUOPM)

The St. Kitts-Nevis Labour Cabinet has approved a new incentive package for building contractors which should lead to a near 10 percent reduction in labour costs in the construction industry.

Minister of State for Information, Sen. the Hon. Nigel Carty said Monday’s Cabinet Meeting under the chairmanship of Prime Minister Hon. Dr. Denzil L. Douglas approved the new package of incentives for building contractors.

“The package will allow building contractors to import a list of equipment critical to improving the quality and efficiency of the building process into the country with concessionary tax rates,” said Minister Carty in the post Cabinet Brief on Tuesday.

He said the new package will reduce labour costs on construction projects by as much as 8 percent and will help catalyze home ownership, the growth of the construction sector, employment and overall economic growth.

“Once again, the government is proud to offer to the local small business community a helping hand in these tough economic times,” said Minister Carty.

He said that the Public Works Department and the Building Board have been tasked with developing an objective set of criteria for approving contractors that will benefit under this project.

The Denzil L. Douglas Administration has implemented measures from which business operators in various sectors of the economy have benefited from a range of incentive packages to help stimulate the economy and to promote successful local businesses.

Recently, restaurant operators were provided with an incentive package for improving their restaurants’ physical structure and menu.

“On almost a weekly basis, cabinet approves tax concessions for a range of small local businesses. This facility is important but even more so at this time of global economic downturn,” said Carty.

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