Businessman Welcomes Increase in Minimum Wage

Businessman Welcomes Increase in Minimum Wage

Government’s plan to increase the minimum wage to five dollars is expected to come into effect in less than a month. It’s part of the People’s United Party Plan Belize agenda. Recently, Prime Minister John Briceno announced that the implementation will take place on January 1, 2023. While some businesses say that they are not ready and that it might lead to terminations, one businessman is welcoming the minimum wage increase. Santiago Castillo, proprietor of Santiago Castillo Limited says his companies will be adhering to the new minimum wage policy. 

Santiago Castillo, Proprietor, Santiago Castillo Limited:  “In our case we welcome it. We have no problem with adhering to the new minimum wage policy but clearly I believe that businesses who have a big payroll and who have been affected more by COVID than others will be the ones that will feel the pinch more and that is where you will see businesses might in fact at that time decide to keep their more efficient employees and get rid of the not so efficient ones so to speak. That is the way I see it going for some businesses indeed if you want me to be clearly honest.”

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