Finance
TURKS & CAICOS NATIONAL MINIMUM WAGE INCREASE COMES INTO EFFECT APRIL 1ST, 2023.
#TurksandCaicos, April 3, 2023 – Cabinet at its meeting held on March 29th, 2023 agreed to progress with the implementation of the Turks & Caicos National Minimum Wage Increase post the consultation period.
As of April 1st, 2023, the newly established National Minimum Wage Index comes into effect, thus increasing the country’s National Minimum Wage to $8.00 per hour with the exception of the Security, Manufacturing, Construction, Banking, Financial Services and Insurance sectors which will increase to $9.00.
This timely and progressive amendment to the minimum wage is long overdueas the last increase came into effect on May 15th, 2015; and based on wide consultations in the crafting of this Minimum Wage Index, it will certainly be
Cabinet at its meeting on November 2nd, 2022 approved a National Minimum Wage Index and the implementation of several social support strategies in parallel to the increase. This endeavor, coupled with a slew of other implemented concessionary measures were intentionally crafted to better position the citizenry of the TCI amidst high inflation levels and its effects; and ultimately help to improve lives and livelihoods.
The extensive process leading to this significant accomplishment was well planned and executed from the establishment of the working group and the subsequent comprehensive report and recommendations submitted for Cabinet’s consideration, to the robust stakeholder engagement and communication strategy which concluded this critical undertaking.
Of equal importance are the social support programs that will be implemented to complement the Minimum Wage increase and thus introducing a newly established Living Wage package. These programs include:
- National School Nutrition Program
- National Day Care Program
- National After School Program
The social support programs all linked to the well-being and safety of students and by extension the family unit, will come into effect in the new school year commencing September 2023. Pertinent details on each program will be published imminently.
The Ministries of Immigration and Education from a regulatory and proceduralremit will steward the operationalization of these progressive changes and will ensure that the proper monitoring and evaluation strategies are implemented to assess the impact across all sectors and stakeholders.