Need expert, incisive legal advice on the employment issues, including the rise in the minimum wage?

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If you are a business owner and employer concerned about the impact of the recently announced rise in the minimum wage, you may be wondering what effect the changes will have on you and your workforce. The expert lawyers at top Bahamas law firm ParrisWhittaker have worked alongside employers ranging from small businesses to large international corporations to advise on all aspects of employment law – including how to respond to important legislative changes .The Government’s announcement that it is to increase the national minimum wage has been met with some concern from business leaders, one of whom has cautioned that the increase may result in pressures to increase salaries ‘across the board’, resulting in a strain on companies’ resources. As the Bahamas continues to enjoy the benefits of the economic upturn, and firmly take its place as a world leader in the financial markets, an increase in the minimum wage would no doubt attract much-needed labour both from domestic sources and from overseas.

If you are a business owner and employer concerned about the impact of the recently announced rise in the minimum wage, you may be wondering what effect the changes will have on you and your workforce.

The expert lawyers at top Bahamas law firm ParrisWhittaker have worked alongside employers ranging from small businesses to large international corporations to advise on all aspects of employment law – including how to respond to important legislative changes.

Caution and concerns

The Government’s announcement that it is to increase the national minimum wage has been met with some concern from business leaders, one of whom has cautioned that the increase may result in pressures to increase salaries ‘across the board’, resulting in a strain on companies’ resources.

As the Bahamas continues to enjoy the benefits of the economic upturn, and firmly take its place as a world leader in the financial markets, an increase in the minimum wage would no doubt attract much-needed labour both from domestic sources and from overseas.

But should businesses be concerned about possible inflation and price rises, and other negative effects? Robert Myers, chair of the Bahamas Chamber of Commerce and Employers’ Confederation, has warned there are fears in the private sector that salary increases might induce a spiral into increased salary demands throughout the region. He has cautioned that meeting the demands of a minimum wage increase will impose further costs on already heavily-burdened businesses, potentially posing a threat to the economy’s ability to compete in international markets.

How can we help?

Business owners should consider the impact of the wage increase on their financial strategy  – and seek urgent and expert legal advice. At ParrisWhittaker our award-winning corporate lawyers have worked tirelessly to support businesses – both large and small, domestic and international – through the demands of the global economic downturn, and have enjoyed seeing the fruits of a return to greater stability.

As employers now come to terms with immediate and long-term impacts of the increase in the minimum wage, our expert lawyers are ready to continue provide incisive, intuitive legal advice that responds fully to changes in the legal landscape. Call us now, so we can begin working with you help your business – and your employees – thrive.