Consider minimum wage carefully

It makes sense that a salary cannot be less than the minimum needed to sustain yourself.

I think it will be important to find out the actual difference from the lowest known salary and the poverty line.

The monies to raise the salaries will have to come from somewhere. It seems to me (although I have been wrong many times before) that reducing the profit margin or increasing the prices to consumers will be the only two ways to increase salaries.

In some cases this will prove very challenging. For instance let’s take a look at the tourism industry, or better yet, the dive industry.

The profit within this industry is already very low and the risks and equipment are fairly high. Increasing prices to the consumer will only drive more tourists to other locations that are cheaper and operate with salaries of less than half of the Cayman Islands dive industry.

If the prices cannot be increased and the minimum salary cannot be afforded then the dive stores cannot afford to be in business.

So where do we go from here?

I think the minimum wage is a very logical step. However, before it is taken it will have to be studied very well to see what effect could have within each industry. Some of them might have been making tremendous profits and easily could reach a higher pay scale while other businesses will have a really hard time making it at all.

Sergio Coni

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