The compulsory savings scheme will involve contributions by employers on the basis of three per cent of the firm's payroll, or three per cent of 50% of operation costs, whichever is the higher. To meet cases of hardship, the Government has agreed to offset the increase in costs to certain householders with a tax allowance of $520 per year, the relief being limited to persons earning up to $10,000 a year. The prime minister stressed that no employer may reduce the daily or weekly rates which they now pay, in the event they pay more than the minimum. In any event, overtime will begin in excess of the number of hours agreed between 40 and 44. Thus, at the same 50-cent-per-hour rate, a 40-hour week would be for $20 and 44-hour week for $22.
#Jamaica prime minister michael manley free#
With a weekly contract of employment, the parties will be free to distribute the agreed hours in any way they wish, the contract not being less than 40 hours and not more than 44 hours. In the case of household, the prime minister said that if the parties agree to make a daily contract of employment, it will be for eight hours at 50 cents an hour with overtime, at time-and-half applying after eight hours. In announcing the National Minimum Wage effective from November 1, the prime minister made clear that it did not apply to persons working in approved or recognised voluntary agencies who do not receive government support to apprentices working under the Apprenticeship Law: or to young people working during school vacations. Wage guidelines have been established for an interim six-month period as no final long-term agreement was reached between the unions, employers and the government during the September consultations. Guidelines for dividends stipulate that, for companies, dividends before tax shall not exceed 7% of net worth for a one-year period beginning October 8, 1975. Guidelines for profits provide for the monetary margin per-turn of turnover, sales or output to be held constant at the average of the past three years. Food production will also be started on 1,200 acres close to the Corporate Area and on 1,000 acres within the city. Government food farms are being expanded and there will be a change from daily paid to task rate to increase productivity. Production geared to national priorities to feed, house and clothe the nation is set as the key to the package, getting financial incentives, to boost the use of local raw materials and production for export.
#Jamaica prime minister michael manley professional#
Mr Manley also announced that professional groups have agreed to freeze their fees at present levels for 12 months. The Budget is to be cut back to a ceiling of $919.5 million involving a reduction in government expenditure of $36 million. Stricter price controls will be implemented to be monitored by a reorganised Prices Commission, which will also be the machinery to monitor guidelines on pay. Rents in depressed areas are to be rolled back to January 1971 levels and people's community tribunals will be established to determine official levels of rent.
In a statement lasting three and a half hours, the prime minister made these other major announcements:
Highlighting the package was the announcement of a compulsory savings scheme estimated to collect $50 million in the first year to put into a National Housing Trust, which will operate as a financial institution for the housing sector. Sign up for The Gleaner’s morning and evening newsletters.Ī NATIONAL MINIMUM Wage of $20 per week or 50 cents per hour for a 40-hour workweek was announced yesterday by Prime Minister Michael Manley as he presented Phase Two of the Government's anti-inflation package to Parliament and the nation.
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