BCCI: Job cuts likely in Jan­uary

Daily Nation (Barbados) - - Front Page -

Pres­i­dent of the Bar­ba­dos Cham­ber of Com­merce & In­dus­try (BCCI), Eddy Abed, says fall­out from the Na­tional So­cial Re­spon­si­bil­ity Levy (NSRL) will re­sult in job losses as early as Jan­uary.

“If you think busi­ness is go­ing to get bet­ter in the short term, you will do what is nec­es­sary to hold on. If you feel that in the short term it will get no bet­ter, you’re go­ing to make a de­ci­sion that pro­tects the busi­ness,” he told the WEEK­END NA­TION in a re­cent interview.

“At the end of the day, no one likes to make tough de­ci­sions when it comes to staffing. These are friends, cit­i­zens, neigh­bours and peo­ple you in­ter­act with on a daily ba­sis. This is not an easy de­ci­sion for any em­ployer to make.”

He said the act­ing Cen­tral Bank Gov­er­nor, Cle­vis­ton Haynes, had al­ready given a good sig­nal of what was im­mi­nent dur­ing his re­port about the eco­nomic per­for­mance over the first nine months of the year.

“At the end of June, the econ­omy is grow­ing at 2.2 per cent, but at the end of Septem­ber it is down to 1.4 per cent. We have seen a re­duc­tion in growth in three months pri­mar­ily due to the slow­down in busi­ness as a di­rect re­sult of the im­po­si­tion of the NSRL.

“As prices have gone up, the vol­umes at which businesses can sell cur­rently, as op­posed to be­fore, has slowed sig­nif­i­cantly. Frankly, with in­ven­tory sit­ting on the floors of many of our businesses in this coun­try, they then need to look at how best they can cut their ex­penses, which is labour. No one is go­ing to do that now, but I think that any busi­ness, un­less they have a good Christ­mas, will be forced to make that de­ci­sion come Jan­uary,” Abed said. ( RA)

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