After the passing of a National Tripartite Council Bill, Minister of Labour and National Insurance Shane Gibson announced yesterday that minimum wage would be increased by 40 percent.

“I am pleased to advise that on the first of June 2015 the National Tripartite Council held its first official meeting and ratified a recommendation to increase the national minimum wage,” Mr. Gibson said during his contribution to the 2015/2016 Budget Debate in the House of Assembly.

“Mr. Speaker, the national minimum wage was recommended to my colleagues and it is agreed Mr. Speaker that the new national minimum wage will be $210.”

Backed by the Chamber of Commerce and the Inter-Development Bank, Mr. Gibson believes the increase will have foremost impact on the notion of saving within the country.

“These people who make minimum wage Mr. Speaker, they spend all their money,” he said.

“So I can understand why Super Value and Solomon’s and all of these business places will appreciate the minimum wage increase. They will support because every single dollar made by these individuals will be spent. They have no room to save money and so that is why it is widely accepted.”

Mr. Gibson says the modification will be revisited in the very near future.

The last time the minimum wage in the private sector had been increased was some 14 years ago.