Has anybody considered the cost to the local economy of the severance pay that will have to be paid out by employers as a result of the rollover policy.
We’re told that there are about 20,000 permit holders, of whom 20 per cent are going to have their employment terminated after seven years of service, not by their employers’ choice, but terminated none the less.
For the sake of argument, if one were to assume that, on average, a skilled expatriate worker earns say CI$ 1,000 per week, then twenty eight million Cayman Islands dollars will be leaving our economy in the next year.
The return on the investment? Zero!