Prime Minister John Briceño does not share the view of the Belize Chamber of Commerce and Industry (BCCI) that the private sector would need to add BDZ$200 million (One Belize dollar=US$0.49 cents) to the existing payroll to meet the five-dollar-an-hour increase in the minimum wage for all categories of workers an hour, effective January 1, 2023.
“I am just appealing to the private sector to do their part. They are going to benefit you know, because the more money people have the more they can spend, the more they can afford to go and buy in their stores.
“So, the private sector they are going to benefit, and most businesses are already paying more than five dollars per hour, than what we are proposing. I think of the hundred thousand plus workers, bout thirty thousand are earning less than five dollars. So, by doing all of this will be getting in effect a much-needed raise,’ Prime Minister Briceño said.
On Thursday, the government signed into law, Statutory Instrument Number 170 which states that the minimum wage for all categories of workers has increased to five dollars an hour, effective January 1, 2023.
A government statement said the new increase in the minimum wage is part of its overall strategy to combat poverty and reduce inequality, as outlined in Plan Belize.
It said as a part of this wage adjustment exercise, the Ministry of Labour is currently reviewing a wage-setting methodology that will be used periodically to determine future minimum wage increases.
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