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Replace the part-time jobs allocation with a wage subsidy to increase the minimum wage
Dear Editor,
I am writing to follow up on my letter from January 2017 regarding the adoption of a basic income guarantee tied to a dividend payment from our natural resources, including oil and gas. As I mentioned in my previous letter, I strongly believe in a broad-based citizens share approach.
Recently, the Guyana Chronicle newspaper reported that over $64 billion has been distributed to Guyanese citizens in the first two years of the current administration. If my proposal from six years ago was implemented, this amount would have provided every family of five with approximately $426 thousand in the first two years of this administration. Since August of last year, they would have received an additional 105 thousand at the same payout rate. From August 2020 to February 2023, every family of five would have over $530 thousand. I believe this would have made a significant impact on the lives of our most vulnerable citizens.
In light of the recently passed budget, I would like to recommend an adjustment to the allocation for part-time jobs. I propose using the $10 billion as a wage subsidy to increase the minimum wage. By redirecting the funds from part-time jobs, employers – particularly in the non-oil sector – would be able to afford to pay their employees a higher wage, and those in the informal economy may be encouraged to regularize.
I believe that the wage subsidy will promote labor force participation and boost productivity. Importantly, the wage subsidy will contribute to a culture that respects and embraces the dignity of work. Low-wage workers will receive a pay increase, and employers will be able to increase wages without hurting their profit margins.
I urge the decision makers to reconsider my proposal from six years ago and to consider implementing my recommendation for a wage subsidy to increase the minimum wage.
Yours faithfully,
Selwin Asafa George
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