Minimum wage increase 'dreadful' for business owners

There's been mixed reaction since the news dropped

Will businesses be able to survive from next April when minimum wage rises by 9.9 percent? 

That's the question from a number of Isle of Man residents and organisations. 

Last week Tynwald approved the increase, which will see the hourly rate rise from £12.25 to £13.46.

Treasury Minister Alex Allinson told Manx Radio the decision is about supporting the local economy, employers and workers. 

He added moving the minimum wage towards meeting the living wage has been something government has been speaking about since the start of the current administration - and so it shouldn't come as a shock to businesses. 

You can find out more HERE.

But, there's been mixed reaction since the news dropped. 

One outspoken opponent has been the Isle of Man Chamber of Commerce.

It's been advocating for local businesses in recent months, saying changes like those approved last week would be 'devastating' for their futures.

Chief Executive Rebecca George says the impact will be felt beyond the Island's hospitality and retail sectors:

Marge Harrison has been running her business - S&M Harrison - for 46 years in Port Erin. 

She says the shoe shop made it through the 2008 recession and the coronavirus pandemic, but now she's worried about survival:

But what do Isle of Man residents think about the increase?

SUPPORT

Dr Allinson has asked any small business owner with concerns to reach out to the Department for Enterprise for advice. 

Another local business, Ellan Vannin Fuels, will host a drop-in day next month, offering companies the opportunity to showcase their products, which could be sold throughout the garage retail stores across the Island. 

You can find out more HERE.