Proposed Increase in Minimum Wage | January 2022

Following the announcement from Government that proposals to increase the rates of the Isle of Man Minimum Wage will go before Tynwald for consideration at the February sitting we asked our members to let us know how it will impact them.

Date: Friday 28 January 2022

Following the announcement from Government that proposals to increase the rates of the Isle of Man Minimum Wage will go before Tynwald for consideration at the February sitting we asked our members to let us know how it will impact them.  Below are the results of the survey: 

Dashboard Results

Key impact:
• Very little time for businesses to effectively react with price increases
• Will create knock on effect for proportionate wage increases across the board
• Majority of businesses will push the 15% rise onto the consumer which may discourage local spend

Press Release