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Business
Unemployment Data
As reported earlier this week, unemployment fell slightly to 2.4 percent as of autumn 2024, with Caymanian unemployment at 4.6 percent.
During the minimum wage press briefing, questions were raised over the accuracy of the unemployment figures.
Economics and Statistics Office Director Adolphus Laidlow explained that international standards set out three conditions to be considered unemployed.
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Cayman Compass
Minimum wage increase ‘just the start’, minister vows
Cayman’s new employment and immigration minister on Wednesday said the $2.75-an-hour increase in the minimum wage to $8.75 was just the start of a bigger plan to lift more people out of poverty.
Minister Michael Myles said a joined-up approach would include better education to ensure more Caymanians become eligible for more prestigious posts and improved planning to allow them to chase employment opportunities expected to come down the pipeline.
“The government is using the minimum wage not as a symbolic gesture, but as a tool to uplift individuals and families in real, tangible ways,” he said.
“This decision is about more than numbers. It’s about pulling our people out of poverty and into the middle class.
