Minimum Wage Review For The Federation
Basseterre, Saint Kitts – Nevis
SKNIS – June 6, 2008
We must avoid narrow interests and pursue long-term solutions to prevailing global economic conditions that are affecting the economy of the Federation of St. Kitts and Nevis.
The advice was given by the Hon. Dwyer Astaphan, minister responsible for Labour, who was addressing Private and Public Sector stakeholders and officials during the Minimum Wage Consultation. Minister Astaphan was framing the context of the minimum wage review in light of rising fuel and food prices around the world.
The Minimum Wage Advisory Consultation is held in fulfilling the requirements under the Labour (Minimum Wage) Act, Chapter 344, which calls for the periodic review of minimum wages in the Federation. Minister Astaphan pointed out that the cost of oil has risen over 500 percent in the last 10 years giving rise to the challenging economic situations in countries the world over.
“The reasons are manifold,” commented Minister Astaphan. “We know what is happening in the economies of China and India, the two largest population centers on the planet. Those economies are going through the roof. The demand for goods and other things that sustain and expand economies has gone up exponentially, and we know that the world economy still, for some time to come ““ which is the most worrying thing about it, is premised on oil and carbon- based energy sources.”