WILLEMSTAD – The past year was marked by significant challenges for the Curaçao Business Association (VBC), with the increase in the minimum wage standing out as the most prominent issue. Director Mireya Hooi-Troeman stated today that while the organization is not opposed to a minimum wage increase, such a change must be part of a broader policy framework to achieve its intended goal: improving workers’ purchasing power.
Challenges of a Standalone Minimum Wage Increase
According to VBC, raising the minimum wage without accompanying measures will fail to address the rising cost of living on the island. Hooi-Troeman emphasized that without a comprehensive support package, the increase could lead to higher costs of living, particularly given Curaçao’s already high food prices.
“A minimum wage increase translates directly into higher costs for business owners,” said Hooi-Troeman. “If no supportive policies are implemented to help entrepreneurs balance these increased costs, they will inevitably pass them on to consumers through higher product prices. This would exacerbate the cost of living for everyone on Curaçao.”
Call for a Comprehensive Approach
The VBC urges the government to consider a holistic strategy that not only raises wages but also includes measures to stabilize prices and support businesses. Without such a framework, the association warns that the wage increase could backfire, leading to inflation and eroding the intended benefits for workers.
As Curaçao enters a new year, the VBC remains focused on advocating for balanced economic policies that support both the business community and the island’s residents.