📈 Rise in work permits threatens Cayman's economic growth

The 2023 Fall Labour Force Survey has revealed a concerning trend in the Cayman Islands' economy. Despite an economic growth of about 4% and an inflation rate averaging around the same, the local unemployment rate has risen to over 5% from just over 3% in the previous year. Simultaneously, the number of work permit holders has increased by 11%, suggesting a decrease in productivity. Opposition Leader Roy McTaggart expressed concerns over the labour market growing much faster than the overall economy, resulting in a drop in the standard of living as more people are needed to generate less wealth. 📉

Deputy Opposition Leader Joey Hew voiced concerns over the lack of information about Caymanians in the workforce and the enforcement of work permit laws. He suggested that the minimum wage's failure to keep pace with inflation is contributing to the increase in permits. Hew called for better gatekeeping to ensure that incoming workers are receiving the promised salary and performing the expected work. The rise in local unemployment is occurring even as more jobs are being created, with over 1,400 Caymanians currently unemployed. The Labour Minister Dwayne Seymour has yet to comment on the labour report or the recommended 46% increase in the minimum wage. 📚

Disagreements on policy issues such as the minimum wage, housing, and transport policies persist within the Cabinet. The UPM seems unable to reach a consensus on these pressing issues, further exacerbating the economic concerns. The current situation highlights the need for effective policies to address the imbalance in the labour market and ensure sustainable economic growth. 🏛️