BVI not immune from cost of living increases
Premier Dr Natalio Wheatley has attributed the escalating cost of living in the Virgin Islands to global economic trends and the territory’s reliance on imported goods.
He emphasised that while the territory is not immune to worldwide inflation, the government is implementing measures to mitigate its impact on residents.
“We must recognise that most of what we consume here in the Virgin Islands is imported,” Premier Wheatley stated during a press conference yesterday. “Therefore, the prices that our vendors and stores have to pay [are influenced by increases] in the United States of America and all of the source markets where we get our food.”
Alternative energy to cut prices
He said the government has been focusing on several key areas to address these challenges, including energy and alternative sources. “One thing that we can do to help ourselves in lowering prices is by using alternative energy,” Premier Wheatley noted.
He highlighted the Solar Technology Energy Programme (STEP), led by the Ministry of Communications & Works and the BVI Electricity Corporation, as a pivotal initiative in this effort. Reducing dependence on imported food is another strategy the territory’s leader proposed. He coupled this with the indication that the government would review tax and duty structures to ease financial pressures further.
“Many essential items are already zero-rated or have very low duties, but it’s something we have to continue to review,” Premier Wheatley explained.
According to the Premier, strengthening consumer protection is a priority for his government. Dr Wheatley said he plans to clarify the role of the Trade Commission, which was established to oversee consumer rights.
‘Basket of goods’ initiative
“There was a Consumer Protection Act that was passed. It couldn’t be brought into force because the Trade Commission would have to have been brought into force first,” he said. He further noted that the government intends to implement a ‘basket of goods’ initiative, ensuring essential items remain affordable.
In the meantime, Dr Wheatley indicated that the government is addressing income disparities by implementing significant salary increases for public officers. “This year, we gave the biggest increase in salaries in the history of the Virgin Islands,” Premier Wheatley announced.
The focus was on bringing public servants above the identified living wage. Additionally, a minimum wage increase is underway to ensure fair compensation across sectors. Recognising that more needs to be done, Premier Wheatley said his government is developing a comprehensive strategy involving multiple ministries and departments.
The plan includes enhancing employment opportunities, particularly for able-bodied individuals, and providing targeted support for vulnerable populations, such as schoolchildren facing hardships. “
We know that it’s still not enough. There’s still more that needs to be done.”
Copyright 2024 BVI News, Media Expressions Limited. All Rights Reserved. This material may not be published, broadcast, rewritten or distributed.
Cost of Living to the paychecks of employees. This will assist in offsetting the cost of living adjustments made throughout. If this is not done, the employee suffers annually with the loss of increased cost of living adjustments. Annually Social Security, National Health Insurance and the supermarkets/businesses increase their prices by this so called Cost of Living increase but our paychecks does not reflect this. This should be automatic so that if for example COS is 2.5% each person will automatically receive a COS of 2.5% which offsets that cost to all.
Absoluely correct. Indeed, the supermarkets in paticular are beast of burden, heartless Non caring.
Their last offering was three cents on their employees check.
Now what an insult to those people who work so hard keep the open and running.
It does not matter where they are from, they are functioning a micro step above slavery.
Mr Premier and others must changed that oppressive senario, where the export millions daily, but pay their employees a 3 cents pittance for a salary increase.
Further, that business behavior is a direct inhumane exploitation of the Eastern Caribbean labor force, as the have no immediate representative to speak out or even bribe a few politicians. It is shameful how they treat them.
Tis exploitation must stop one day as soon as we can get a revolutionary majority in ofice.
My boss giving some staff raise of pay and some never get in years. Plus some new ones getting paid more than the staff who works there longer.
How much electricity is being generated by the photovoltaic panels on Anegada?
Our government did the same to their employees. Premire brags but doesn’t admit to shafting the public servants. A salary scale where years of service doesn’t count, but wants me to stay motivated.
@Real talk.
I sympathize with you. It is a shame and it is a political and deliberately decision and action madeby uncaring heads of goverments spanning back decades. They are the sametoday xcept even less carin and more selfish and gluttonous for moeny than ever.
Yes, we who were active employees through the eightees and ninities to present were screwed of a decent salary and are still owed incremts. Many are impervious to careing for the retired and their needs.
No maater their ratoinale or thinking, the average reteree, including me, are struggling. Aand medical interventions overseas, it is pure hell.
From all observances, the last five or more governments have neither a soul, heart or concern for people.
And it has become extremely clear to the retirees that they were slaves, and not single represenntative over the years chose to bring a serious. motion to the HOA floor to pay, but found the gaul to give themselves high salaries, perks and retirement packages amounting to millions.
This current administration is equally as vile as the others without an ounce of sensitivity to thos ewho are retired and needing their few pennives OWED…
EV.
Home insurance increase
Banks giving threats for late payment at one week.
Fuel high
Groceries high
School fees escalate
Medical bills high
Salaries stagnant for the past 30yrs! WTF
Equation. Just give up and leave your country behind!