NASSAU, BAHAMAS — The national minimum wage will be increased to $260 per week.
Prime Minister Philip Davis made the announcement during a national address tonight as he outlined the crises impacting the country on multiple fronts, and the government’s plan to move the nation forward.
The last time the minimum wage was raised was in 2015.
“A new increase has long been overdue,” Davis said.
“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.”
He continued: “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,” Davis said.
Davis said the increase reflects progress towards a livable wage.
“The raise was negotiated by the National Tripartite Council, which includes the government and representatives from the private sector and unions,” he said.
“Our shared goal was to raise the minimum wage without having a negative impact on employment or job growth, and we believe that has been achieved.”
Davis also announced the inclusion of 38 items to the price control list in a bid to provide relief amid global inflation.
“We are limiting the wholesale and retail markup of everyday items like diapers, and food like chicken, eggs, bread, bananas, apples, oranges, broccoli, onions, and potatoes,” he said.
“These items are being added for at least a 6-month period, at which point we will review and evaluate the impact on businesses and consumers.”
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