In a recent live discussion on the Government of the Virgin Islands Facebook Page, Hon. Lorna Smith OBE, Minister for Financial Services Labour and Trade, unveiled plans for significant economic reforms in the British Virgin Islands (BVI).
According to Smith, the territory is poised to implement both consumer protection measures along with the new minimum wage.
Minister Smith emphasized the crucial role of the National Business Bureau in these upcoming changes. This bureau is expected to play a key part in overseeing the new measures and supporting businesses through the transition.
The reforms aim to create a more sustainable economy by strengthening the small and medium enterprise (SME) sector. “A sustainable economy requires a strong small and medium enterprise sector supported by a skilled and committed workforce,” Minister Smith explained.
To achieve this, the minimum wage report recommends comprehensive training programs for staff and support mechanisms for small businesses to manage the increased labour costs.
Addressing public concerns about potential price hikes, Minister Smith assured that measures would be put in place to prevent price gouging.
The government plans to implement strict monitoring systems to keep prices in check and maintain the benefits of the wage increase for workers.
Smith stressed that by balancing worker protections with business support, the government hopes to create a more robust and equitable economy.