Businesses strategize to absorb minimum wage increase without burdening consumers – FCEF CEO

Businesses strategize to absorb minimum wage increase without burdening consumers – FCEF CEO
[Image: File]

As the national minimum wage is progressively being increased to $5 an hour and there are concerns that the increase in the cost of doing business will be passed down to consumers, Fiji Commerce and Employers Federation says businesses have put in place strategies to ensure that they can absorb what they can.

Deputy Prime Minister and Minister for Finance, Professor Biman Prasad has made a call to businesses to not pass this increase to consumers just because it is going to raise the cost of production.

He says it will be unethical for businesses who can afford to pay the increase to pass those increases in cost on to the consumers.

While responding to questions by fijivillage News, FCEF CEO Jonetani Tonawai says they are happy with the progressive approach that has been taken by the Government as this is what they had suggested.

He says in the short to medium term, the businesses have been prepared in the slow progression of things as opposed to a big jump.

He says at the end of the day, the cost of doing business will be important for the businesses and the two things they will consider is the ease and the cost of doing business.

Effective from 1st August 2024, the national minimum wage will be increased to $4.50 an hour with a further increase to $5.00 an hour effective from 1st April 2025.

Click here for more Budget 2024-2025 stories

Stay tuned for the latest news on our radio stations

CFL radio frequencies
Scoreboard
Full Time
Storm 14–22 Panthers
Full Time
Raiders 30–34 Broncos
Full Time
Dolphins 34–16 Eels
Full Time
Fiji 22–29 South Africa
Full Time
Ratu Navula College 22–17 Queen Victoria School
Full Time
Marist Brothers High School 15–17 Ratu Kadavulevu School
Full Time
Suva Grammar School 40–12 Queen Victoria School
Full Time - SENIOR
Nadi 19–19 Tailevu
Full Time
Suva 26–29 Naitasiri
Full Time
Kadavu 14–18 Malolo
Full Time
Suva 24–32 Nadi
Full Time
Tailevu 50–05 Nadroga
Full Time
Kadavu 48–0 Rewa
3:10AM
Springboks vs All Blacks
5:00AM
Lions vs All Blacks