IMF suggests ways Grenada can improve local jobs

Wage increases, better training, pension among the recommendations

SAINT GEORGE’S, GRENADA — Just as the country prepares to wrap up public consultation on minimum wage increases, the International Monetary Fund (IMF) has published a comprehensive list of recommendations to help improve jobs in Grenada.

Notably, increasing minimum wage for public workers is among the recommendations — a move the government has already announced that it is working towards.

The International Monetary Fund. (Reuters photo)

The other recommendations included, but were not limited to:

  • Promoting gender equality in the workplace
  • Increasing the value-added of tourism
  • Boosting agriculture and fisheries
  • Strengthening training and apprenticeship programmes
  • Introducing ways locals can transition from school to work
  • Improving the pension system for public workers

It made the recommendations in a recently published Concluding Statement after an IMF team made an official visit to the country to assess its recovery after “the twin shocks of the pandemic and a rise in energy and food prices.”

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    Public sector job improvements

    In its statement, the IMF specifically addressed multiple ways public service jobs in Grenada can be improved going forward.

    jobs in Grenada

    The IMF encouraged better pensions for public workers. (Photo by RDNE Stock project on Pexels)

    “The ongoing regularization of public sector workers should be guided by a thorough review of job functionality,” the IMF suggested.

    “A comprehensive wage review is needed to ensure the wage grid reflects current labour market conditions.”

    Further, it encouraged pension reform to help encourage retention of existing staff in the public service, as well as recruitment of new ones.

    “Reforms to the National Insurance Scheme, through phased increases in the contributory rate and pensionable age, will help improve its financial position and should be implemented robustly.

    “There is an urgent need to establish one new pension scheme that ensures the sustainability of the pension system for new entrants to the public service.”


    Private sector job improvements

    jobs in Grenada

    The IMF and IDB have both encouraged more women in the workforce. (Photo by Igor Vetushko on Deposit Photos)

    In its suggestions for ways private sector jobs in Grenada can be improved, the IMF emphasized better equality for women in the workplace.

    Interestingly, this is a hot-button recommendation that has come up in recent times from organizations including the Inter-American Development Bank (IDB).

    “Efforts are needed to expand digitalization, address the identified gender gaps and incentivize female labour force participation,” the IMF recommended.

    Additionally, it said Grenadian governing parties, businesses and other stakeholders should make more of an effort to introduce ways students in local schools can transition directly into the workforce.

    “Training and apprenticeship programs should focus on increasing technical and entrepreneurial skills, better integrating academic institutions and employers, as well as facilitating the transition to employment.”

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