Flexibility of the labor market and promotion of labor productivity important to bear the increase
Flexibility of the labor market and promotion of labor productivity important to bear the increase
WILLEMSTAD – In a letter to Minister Larmonie-Cecilia of Social Development, Labor and Welfare (SOAW), the Chamber of Commerce and Industry of Curaçao states that it agrees with its intention to increase the minimum wage in the long term. The organization emphasizes that it is essential for them, in addition to purchasing power, to also make the necessary efforts to make the labor market more flexible and to promote labor productivity. This contributes to the ability of the community to support that increased minimum wage.
WILLEMSTAD
– In a letter to Minister Larmonie-Cecilia of Social Development, Labor and Welfare (SOAW), the Chamber of Commerce and Industry of Curaçao states that it agrees with its intention to increase the minimum wage in the long term. The organization emphasizes that it is essential for them, in addition to purchasing power, to also make the necessary efforts to make the labor market more flexible and to promote labor productivity. This contributes to the ability of the community to support that increased minimum wage.
The Chamber also considers it necessary to implement an accompanying activation policy with a view to a transition from unemployment to employment. At the end of the letter, a copy of which has been sent to Prime Minister Gilmar Pisas, Minister Ruisandro Cijntje of Economic Development and Minister Javier Silvania of Finance, an offer is made to the government to clarify this subject and to consider it.
The Chamber also considers it necessary to implement an accompanying activation policy with a view to a transition from unemployment to employment. At the end of the letter, a copy of which has been sent to Prime Minister Gilmar Pisas, Minister Ruisandro Cijntje of Economic Development and Minister Javier Silvania of Finance, an offer is made to the government to clarify this subject and to consider it.
As a representative of trade and industry in Curaçao, the Chamber of Commerce itself has conducted extensive research into the development of various socio-economic data between 2001 and 2022. Publications and reports from the Central Bureau of Statistics (CBS) and the Central Bank of Curaçao and St. Maarten (CBCS) were used for this purpose. This includes data on jobseekers and workers, real economic growth and inflation, the minimum and reservation wage, the population and labor productivity, and the households that have to get by on the minimum wage. In addition, econometric effects have been studied and all kinds of complex calculations have been carried out to measure the relationship between the minimum wage and employment. Because the results of those evaluations showed no negative effects on economic growth, the Chamber of Commerce is in agreement with the plans to increase the minimum wage by 11.2 percent as of 1 January 2023.
As a representative of trade and industry in Curaçao, the Chamber of Commerce itself has conducted extensive research into the development of various socio-economic data between 2001 and 2022. Publications and reports from the Central Bureau of Statistics (CBS) and the Central Bank of Curaçao and St. Maarten (CBCS) were used for this purpose. This includes data on jobseekers and workers, real economic growth and inflation, the minimum and reservation wage, the population and labor productivity, and the households that have to get by on the minimum wage. In addition, econometric effects have been studied and all kinds of complex calculations have been carried out to measure the relationship between the minimum wage and employment. Because the results of those evaluations showed no negative effects on economic growth, the Chamber of Commerce is in agreement with the plans to increase the minimum wage by 11.2 percent as of 1 January 2023.
https://www.curacaochronicle.com/post/main/chamber-of-commerce-agrees-with-plan-for-higher-minimum-wage/
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