Cayman’s new minimum wage law that took effect in March is receiving 100 percent compliance in terms of information gathered by and received from the Ministry for Employment.
Speaking to her Legislative Assembly colleagues, Minister Tara Rivers said more than 20 business inspections were done in April by the Department of Labour and Pensions (DLP) to check compliance with the new rules that require a $6.00/hour minimum wage for most occupations.
“While to-date the DLP has fielded many calls from persons seeking information on the minimum wage regime,” she said, “there have been no confirmed breaches against the order as yet, nor any tips received on the confidential tipline.”
The tipline phone number is (345) 945-3073.
Minister Rivers said an estimated 6,000 workers in Cayman, more than 15 percent of the labour force, benefit from the institution of a minimum wage. Nearly three-fourths of those workers are non-Caymanian.
Also in this week’s Money & Business Report: Butterfield Bank reports a 24 percent increase in core earnings during the first quarter of 2016 compared to a year earlier. The Bermuda- based bank reported a four percent decrease in net income but attributed it to expenses related to management restructuring and the winding down of their London operations.
And Swiss watchmaker Breitling held a grand opening for its new waterfront store in George Town. Kirk Freeport vice president Chris Kirkconnell said the store was first to launch Breitling’s 2016 collection. Premier (Hon.) Alden McLaughlin was among those who attended and said the decision to open the store in Cayman indicates developer confidence in a market that attracts tourists who appreciate quality brands when seeking out duty-free shops.