NASSAU, Bahamas — Prime Minister Philip “Brave” Davis has announced an increase in the country’s minimum wage from $210 to $260 per week, The Tribune reported on Wednesday, October 12, in an article written by Khrisna Russell.
The higher wage will be retroactive in the public service going back to July of this year and for those in the private sector, the change will begin in January 2023. The timeline, he said, is to give employers time to prepare for the increased expense.
Additionally, as Bahamians continue to grapple with the high cost of living compounded by inflation, Mr Davis revealed that 38 new items will be subject to price controls.
According to Mr Davis this means that the government will limit the wholesale and retail markup on items like diapers, and food, including chicken, eggs, bread, bananas, apples, oranges, broccoli, onions, and potatoes.
These items, he said, are being added for at least a six-month period, at which point the government will review and evaluate the impact on businesses and consumers. The profit margin on price-controlled drugs is also being reduced to provide additional relief to Bahamians, he said.
“During an inflation emergency, it’s important to take the steps we can to improve affordability,” the prime minister said in his first national address since being elected to office in September 2021.
“Of course, nothing is more important to helping families make ends meet than higher wages. The last time the minimum wage was raised in our country was 2015. A new increase has long been overdue.
“Tonight, I’m announcing that the country’s new minimum wage will be $260 a week.
For minimum wage earners in the public service, the change will be retroactive, going back to July of this year.
“For minimum wage earners in the private sector, the increase will begin in a little less than three months, in January of the coming year, allowing employers time to prepare for the increased expense.
“The higher minimum wage will benefit tens of thousands of Bahamians. Will the increase help? Yes, it will. It was long awaited, long overdue, and the extra money every week will make a difference.
“However, we are aware that this will not eliminate the hardship of trying to make ends meet in today’s economy. Instead, it represents progress on the way to a liveable wage. The raise was negotiated by the National Tripartite Council, which includes the government and representatives from the private sector and unions. See complete article in The Tribune at http://www.tribune242.com/news/2022/oct/12/extra-pay-your-pocket-260-minimum-wage-january/
