TORTOLA, BVI – Deputy Premier and minister for financial services, labour, and trade, Lorna Smith, disclosed that the minimum wage will rise to $8.50 per hour, effective from 30 November 2024.
At the government of the Virgin Islands announcement of the increase in the territory’s minimum wage, Deputy Premier Smith emphasized that this adjustment is part of a comprehensive strategy, which includes regular wage reviews, targeted support for small businesses, and increased investments in workforce development.
To provide further transparency, the Minimum Wage Review report informed that this decision will shortly be laid in the House of Assembly. Following this, the report will be made available to the public for further information on the rationale and details behind the minimum wage increase.
“This decision reflects our commitment to fostering a robust economy that benefits all stakeholders,” Deputy Premier Smith stated. “By implementing this balanced approach, we aim to enhance worker welfare while fortifying our businesses for long-term sustainability.”
The adjustment follows a meticulous review by the Minimum Wage Advisory Committee, which carefully assessed policy documents, economic data, and labour force statistics. The committee engaged in widespread consultations, including surveys, media interviews, and focus groups, ensuring diverse perspectives from stakeholders such as the BVI Chamber of Commerce, business owners, and employees.
Deputy Premier Smith extended her appreciation to the committee members and the ministry of financial services, labour, and trade staff for their valuable contributions to this process.
The government encourages businesses and workers alike to embrace this positive change, emphasizing its potential for fostering a fair, inclusive, and sustainable economic landscape for the Virgin Islands.
