Decent wage

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BOTH workers and union leaders play an important role in raising productivity in the workforce, says Minister for Finance and Deputy Prime Minister Professor Biman Prasad.

Speaking at the Knowledge Economy Lecture organised by Fijian Competition and Consumer Commission (FCCC) and Asia-Pacific Applied Economics Association in Suva on Thursday, Prof Prasad spoke on the issue of minimum wage and the importance of paying a decent wage.

“I think when we talk about minimum wages, or living wages, there seems to be a lot of confusion and misconception about paying decent wages,” he said.

“All studies around the world have shown, even the IMF now, that having minimum decent living wage is good for the economy, good for businesses, good for productivity.

“What was happening in the past, the wages councils used to work very well.”

He said this was an important aspect of determining a minimum wage of each sector as financial capability and affordability needed to be considered.

Prof Prasad also highlight that robust discussions in a tripartite forum – where employers, union leaders and Government – met to engage in proper discussions helped in the consultation process to pave a way forward.

“Contrary to belief that some people used to have, that union leaders and employers can’t work together, I’ve seen a very harmonious relationship in this country with respect to how unions and employers have behaved.

“Employers, a lot of them understand that workers who were paid well, raises productivity which raises income and is good for businesses. So sometimes, you know, raising wages is good for even SMEs.

“Workers and union leaders are very, very instrumental in raising productivity. So it’s not just about minimum wages.

“I think it’s the way minimum wages are arrived at, discussions and consultations, understanding the economics of different sectors. We have a very, very comfortable system of negotiating, arriving at a wage rate, which is good for the country for employers and for everyone.”