Tuesday, April 23, 2024

Hike pushback

Date:

Share post:

While the cost of living is high, increasing wages to give Barbadians more spending power “is not really a good idea”, says Central Bank Governor Cleviston Haynes.

He believes Government’s recently-announced effort to reduce electricity prices and the cost of food was the better move.

Haynes was speaking after National Union of Public Workers General Secretary Richard Green told the Daily Nation that while the price relief was welcomed, “we still must sit down and look at where the rise in prices would have gone from since the last salary adjustment”.

The Governor did not reference Green’s comments, but cautioned against “trying to chase prices through wage increases” yesterday at the Frank Collymore Hall while responding to a question during his second quarter media conference.

“The Government will have to make some very difficult choices in order to be able to facilitate an increase in wages. Trying to chase prices through wage increases, I think most economists would tell you that that is not really a good idea,” the economist said. (SC)

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Related articles

Sunil Narine rules out West Indies comeback for T20 World Cup

Sunil Narine has ruled himself out of a recall to West Indies' squad for the forthcoming T20 World Cup...

Taiwan rattled by 6.1 magnitude earthquake amid numerous tremors

Taiwan was hit with a magnitude 6.1 earthquake in the early hours of Tuesday local time (2:32 p.m....

Trump hush money trial was ‘election fraud pure and simple’, prosecutors say

Donald Trump “orchestrated a criminal scheme to corrupt the 2016 presidential election” by covering up an alleged affair...

Nicki Minaj throws item back into crowd after nearly getting hit by object onstage

Nicki Minaj was left unimpressed after a fan threw an object at her onstage. In a video shared by Pop Crave on...