It's written an open later to CoMin and Tynwald
The Chamber of Commerce claims the 9.9 percent minimum wage increase set to come into effect in April represents a 'national crisis.'
The business organisation says it will have a devastating impact on the Island's economy that could cause job losses and business closures on a scale not seen since the Covid pandemic.
In an open letter to the Council of Ministers, all members of Tynwald and the news media the Chamber is urging government to pause and review the proposed increase and reassess its economic, fiscal and employment impacts.
Chamber President Claire Watterson says that without intervention the proposed increase risks doing the opposite of what is intended; instead of helping low-paid workers, it could lead to many of them losing their jobs.
It's claimed businesses - across many sectors - are already operating at the limit of viability due to rising costs, wage compression, energy price inflation, and a declining domestic economy.
For these reasons the Chamber says an interim rise aligned with the Island's Consumer Price Index inflation rate as it stands in April next year, would be far more sustainable for employers, employees and the wider economy.
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