NASSAU, BAHAMAS — Former Cabinet Minister Zhivargo Laing yesterday announced that the country’s first ever living wage study will soon be released.
Laing said now is time to engage in discussion on a mandatory savings plan in The Bahamas as a speaker on The Citizen Exchange, discussing “The Cost of a Resilient Bahamas”.
He said: “A resilient Bahamas cannot be had where thee personal balance sheets of most Bahamians cannot afford them to be without income for three months, six months or one year. Now is the time for us to talk about a mandatory savings plan in The Bahamas otherwise every time these things happen we will end up with the government having to support large numbers of people because they do not have the means to take care of themselves for a reasonably short period of time.”
Laing went on further to state, “One of the challenges we have had is that we have often overlooked the good for the perfect. Everyone can’t save but there are a lot of people who can.”
Laing suggested that a mandatory savings plan does not have to begin with the inclusion of persons whose levels of income are too low or their circumstances do not permit it.
Laing, the Executive Director of the Government and Policy Institute of the University of The Bahamas noted that the Institute will be soon releasing the fist ever wage study done in The Bahamas.
“We will be able so see what a living wage is and it is has revealed some very interesting scenarios for us for sure,” said Laing.