Delivering on a major campaign promise, the new minimum wage of 5 dollars per hour was signed into law today by the Minister of Labour, Oscar Requena. With this, the minimum wage for all categories of workers has increased to $5.00 per hour effective January 1, 2023.
A statement from government says the increase is part of the Government's strategy to "combat poverty and reduce inequality." The release adds, "An increase in income in the hands of consumers will provide a stimulus to the Belizean economy through increased demand and consumption."
The new minimum wage is being implemented against the objection of the Chamber of Commerce which had urged for a phased implementation. They say that the financial strain on the private sector will be significant and that a resulting negative consequence is job insecurity for the Belizean laborers who should benefit from this change.
A minimum wage employee working a 45 hour work week will earn $225.00 dollars weekly under this new law.
