The Isle of Man’s Minimum Wage Committee, an independent committee constituted of employer and worker representatives, has published their recommendation for the Island’s Minimum Wage.
The Committee has recommended against any increases to the minimum wage before April 2025, following a 6% interim increase implemented in July 2024.
Tim Johnston MHK (pictured), Minister for Enterprise commented: “The Treasury Minister and I thank the Minimum Wage Committee for bringing forward their recommendation, which has been informed by the independent report commissioned earlier this year and a public call for evidence.
“There is a target outlined in the Island Plan to achieve parity with the Living Wage by April 2025, building on the Tynwald resolution following the recommendations of the Select Committee into Poverty in 2021. The report raises important points for consideration and we will be discussing the implications of the report and recommendation over the next few weeks before considering next steps.
“We acknowledge that many households and businesses are navigating significant challenges, and that it is essential to recognise that these difficulties can compound and strain budgets – both personal and business-related. In order to move forward, it is crucial that any proposed changes strike a careful balance which meets the needs of our community, prioritising fair wages whilst also supporting the financial stability of businesses to create a more resilient economy where everyone can thrive.
“We respect the work of the independent Minimum Wage Committee and will carefully consider how to proceed given their recommendation. I will provide a further update to Tynwald in November.”
