Business

Minister Jordan: Nothing New About Labour Clauses

There is nothing new about the Labour Clauses Public (Concessions) Bill 2024, now before the Parliament of Barbados.

This was emphatically stated by Minister of Labour, Social Security and the Third Sector, Colin Jordan, as he addressed the post-Cabinet press conference at Webster Business Park, Wildey, St. Michael.

Mr. Jordan, who stressed that labour clauses and the idea behind them was not new to the world or to Barbados, told media representatives the Bill, laid on Tuesday, February 6, seeks to protect workers and to say to employers “there must be a level below which you should not go, in order to earn your profits”.

Providing a brief history on the Bill, Minister Jordan, explained that in 1949, the International Labour Organization, at its annual conference, adopted a convention (Convention 94) on Labour Clauses in Public contracts.

He said: “A previous iteration of government thought it, back then in the early 1950s, necessary to enshrine that in national law. So, in 1952, the Labour Clauses Public Contracts Act was passed…. Now there are some who suggest or who seem to suggest that the idea of labour clauses is new … and so the philosophy behind that speaks to businesses that employ people, that benefit from government expenditure, in other words, taxpayers’ money….

“We hold to the view that if a business that employs people is benefiting from taxpayers’ money, then their profits, and even before we get to profits, their revenue, cannot be at the expense of their employees. It cannot be at the expense of those who work for them. So, we’ve had the Labour Clauses Public Contracts Act, in place since 1952. That legislation is what we call framework legislation; framework from the perspective that it does not bind anybody to do anything but it allows the Chief Labour Officer, in consultation with employer representatives, in consultation with worker representatives, to set rates of pay; to set conditions of work, below which any business or any entity that is benefiting from taxpayers’ dollars, with respect to contracts, should not go.”

In addition, Minister Jordan stressed that the legislation aims to make sure that workers in this country are protected.

“Businesses have the right to make money. And, we are all about businesses making money. We want businesses to be profitable. Government cannot employ everybody. It is the private sector that does a lot of employing and we want private sector organisations and third sector organisations to be profitable. We want to expand; we want to increase the number of people they employ. All we are asking is that that profitability, that expansion, that growth is not at the expense of workers,” he contended. (PR/GIS)

CAPTION : Minister of Labour, Colin Jordan, listens to a question from the media at today’s post-Cabinet press conference at the Ministry of Home Affairs and Information. He was joined by (left to right) Minister of Home Affairs and Information, Wilfred Abrahams; Minister of Energy and Business, Senator Lisa Cummins; and Minister of Foreign Affairs and Foreign Trade, Kerrie Symmond

Business

GALA DINNER CELEBRATES 40TH ANNIVERSARY

The Light & Power Employees Co-operative Credit Union Ltd. (LPECCUL) marked an impressive milestone on Saturday night, hosting a memorable 40th Anniversary Gala Dinner at the Accra Hotel. The evening was a celebration of history, resilience, and growth, honouring LPECCUL’s four decades of commitment to financial empowerment and community service in Barbados.

Guests arriving at the gala were greeted with the warm sounds of steelpan music by Ms. Allana Goodridge, a graduate and former junior member of the credit union, who set an elegant tone for the evening. The festivities were expertly guided by Master of Ceremonies Paula Palmer, who delighted the crowd with a mix of exciting prizes and giveaways sponsored by Stade’s Distillery Visitor Centre.

A highlight of the evening was the special achievement award presentation by Mr. Anton Lovell, CEO of Co-Operators General Insurance Company Limited. Mr. Lovell recognised LPECCUL for its outstanding success and commended the longstanding partnership between the two institutions, underscoring the strength of their collaboration.

The evening’s keynote speaker, Lt. Col. Trevor Browne, a founding member of LPECCUL, delivered a compelling speech on the origins of the credit union. He shared insights into its formation, early challenges, and eventual growth, citing the various business ventures and investments made over the years. Lt. Col. Browne emphasized the importance of credit unions in Barbados expanding their focus to attract and support younger members, highlighting the value of investing in youth-led businesses as a way forward.

Closing the event, LPECCUL President Sheena Edwards delivered a heartfelt Vote of Thanks. She expressed deep appreciation to the evening’s special guests, including representatives from credit unions across Barbados, eight of LPECCUL’s original 40 founding members: Anthony Seale, Charles Holder, Donald Hoyte, Oliver Jones, Ian Bridgeman, Julie Alleyne, Keith Burnett and Lt. Col. Trevor Browne, and former company manager Curtis Smith. She also extended her gratitude to the dedicated LPECCUL staff, The Light & Power Employees Co-operative Credit Union Ltd.whose hard work and commitment have been instrumental to the credit union’s enduringsuccess.

The 40th Anniversary Gala Dinner was a celebration not only of LPECCUL’s history but also of its ongoing mission to inspire financial independence and support the community. As LPECCUL continues to innovate and expand its services, the credit union remains committed to fostering financial success for all members.(PR)

Business

Barbados To Host Regional Economic Conference

Local, regional, and international economics, finance, and development experts will gather in Barbados from November 6 to 8, 2024, for the 55th Annual Monetary Studies Conference (AMSC).

The event, which the Central Bank of Barbados is co-hosting with the Caribbean Economic Research Team (CERT), will be held under the theme: “Macroeconomic Management in an Era of Polycrises.”

“We are living at a time when our islands face multiple issues, ranging from high debt levels to climate change, to an aging population to geo-political tensions such as the ongoing Ukraine-Russia war and the Israel-Hamas conflict,” Director of Communications, Information, and Outreach at the Central Bank, Novaline Brewster, said.

“Each of these on its own would represent a challenge. Combined, they could threaten the stability of our economies and the livelihoods of our citizens. The AMSC gives us an opportunity to bring together some of the leading minds to share their insights and offer research-based approaches to addressing these various crises.”

Ms. Brewster revealed that to complement the more technical sessions, on the second day of the conference, November 7, at 4:00 p.m., American economist Professor Jeffrey Sachs will deliver the 37th Adlith Brown Memorial Lecture, the topic for which will be the same as the conference’s theme.

“In addition to the Adlith Brown lecture, we will be hosting a panel discussion entitled: “The Role of Central Banks in Facilitating the Mobilisation of Regional Investment for Development Support” on the final day, November 8, at 10:15 a.m. The panel for that event will comprise several of our regional central bank governors,” she revealed.

Both the panel discussion and the lecture will be livestreamed on the Central Bank of Barbados’ Facebook page and YouTube channel.

Central Bank of Barbados will host the 63rd gathering of this group as Barbados’ Governor, Dr. Kevin Greenidge, is the current Chair of the committee. (PR/GIS)

Business

Barbados to Host Regional Economic Conference

Local, regional, and international economics, finance, and development experts will gather in Barbados from November 6 to 8, 2024 for the 55th Annual Monetary Studies Conference (AMSC). The event, which the Central Bank of Barbados is co-hosting with the Caribbean Economic Research Team (CERT), will be held under the theme “Macroeconomic Management in an Era of Polycrises.” “We are living at a time when our islands face multiple issues, ranging from high debt levels to climate change to an aging population to geo-political tensions such as the ongoing Ukraine-Russia war and the Israel-Hamas conflict,” said Novaline Brewster, Director of Communications, Information, and Outreach at the Central Bank. “Each of these on its own would represent a challenge. Combined, they could threaten the stability of our economies and the livelihoods of our citizens. The AMSC gives us an opportunity to bring together some of the leading minds to share their insights and offer research-based approaches to addressing these various crises.”

The three-day conference will feature sessions related to financial development and financial stability, adjusting to climate change, digital innovations and transformation, regional integration and governance, and regional economic development. Brewster revealed that to complement the more technical sessions, on the second day of the conference, November 7, at 4:00 p.m., American economist Professor Jeffrey Sachs will deliver the 37th Adlith Brown Memorial Lecture, the topic for which will be the same as the conference theme. “In addition to the Adlith Brown lecture, we will be hosting a panel discussion entitled “The Role of Central Banks in Facilitating the Mobilisation of Regional Investment for Development Support” on the final day, November 8, at 10:15 a.m. The panel for that event will comprise several of our regional central bank governors.” Both the panel discussion and the lecture will be livestreamed on the Central Bank of Barbados’ Facebook page and YouTube channel.

The Annual Monetary Studies Conference, the oldest academic conference of economists in the Caribbean, is held in a different territory each year to coincide with the second of the Bi-Annual Meetings of the CARICOM Committee of Central Bank Governors. Central Bank of Barbados will host the 63rd gathering of this group as Barbados Governor Dr. Kevin Greenidge is the current Chair of the committee.