Local employment best for a decade, premier says
(CNS): Jobs and opportunities for Caymanians are better than they’ve been for almost ten years, the premier told an audience of business people Thursday, and said there were better things to come. Alden McLaughlin said that Cayman had “bucked the trend of economic inertia” in the region through “prudent fiscal management and sound policy initiatives”. Having avoided spiraling debt, unsustainable deficits, high unemployment and economic stagnation, Cayman had found a path to growth, the premier said.
Making his annual address at Fidelity’s Cayman Economic Outlook conference, the premier focused on highlighting the economic growth that he said had fueled opportunities for local people. He said the government had grown the economy, reduced unemployment and stabilized public finances.
McLaughlin said the Cayman Islands’ economy had grown steadily annually over the last four years from 1.5% in 2013 to a forecast high of 3% last year. He said increases in prices of goods and services in 2016 was expected to be down to -0.5% compared to 2.1% when the Progressives took office in May 2013.
While he acknowledged that this was due largely to low energy prices and a soft commodities market, the low rate of inflation was helped by his government’s reductions on import duty for CUC’s diesel, which he said had left at least $17 million in the pockets of families and businesses annually. He said the cut in duty for licensed traders over the past three and a half years had also helped keep prices down.
“Combined, these have had the effect of increasing disposable income, reducing business costs, and helping to keep the economy ticking over,” the premier said. Reductions in government fees for small businesses and forgiving businesses that had fallen behind if they started paying has also allowed many small businesses to operate legally and to be eligible to bid on government contracts,” he added.
With a growing economy overall, unemployment in Cayman fell from 6.3% in 2013 to 4.5% in 2016. Unemployment for Caymanians fell from just under 10.5% in 2012 to 5.6% in 2016.
“In the medium- to long-term, more Caymanians will be employed as the economy continues to grow,” McLaughlin predicted. Given what he described as the firm footing that government had placed the country, the mid-term projections over the next parliamentary term indicated year-on-year economic growth averaging 2.5%, he said.
“This government recognises the absolute necessity of providing our people with the skills and education that will land them jobs for their entire productive years,” McLaughlin added, as he reviewed plans in education to improve the chances of the future workforce.
“Cayman is a service-driven economy, whether that service is delivered in tourism, health, technology or financial services. We therefore have a duty to ensure that future generations of Caymanians are the first choice to fill jobs in these sectors and the industries that support them.”
Government would “continue to make massive investments in our people”, McLaughlin said, noting that the “Ready2Work” programme would be expanded over the next year to enable every person looking for employment to get a job.
He also spoke of plans that would be unveiled shortly to increase support to the micro and small business, which he said was a facilitator of employment and wealth accumulation.
“It is important that as the economy grows businesses of all sizes have the opportunity to share in that growth,” the premier added.
The economy had been helped because for four budgets in a row the government had not imposed any new fees or taxes, he said. “There has never been another administration that has gone a full term without increasing fees and taxes,” he noted. “As the economy continues to improve we will look again at what taxes or fees can be further reduced.”
The government had provided an environment for business to flourish, which had allowed the economy to grow and provide more jobs and opportunities for Caymanians, the premier stated. But as he looked ahead to the possibility of another PPM term, McLaughlin promised new investment in human capital to grow the economy for the benefit of all.
“Benefits that must include good jobs for Caymanians,” he stated.
Looking back, he said that in the midst of the political, social and economic turmoil globally, Cayman had “performed remarkably” and had “avoided the threat of economic stagnation”, while finding a “path to sustainable growth”.
Category: Economy, Jobs, Local News, Politics
Absolute rubbish Alden. Yes there are more job available in Cayman as it does appear to be booming. But Caymanians are not getting these jobs. Unemployment rate is down because a number of unemployed Caymanians have left the Cayman Islands for the UK. False figures Alden false.
Lots of alternative facts in this information. About 3000 Caymanians out of jobs. Many have lost their homes in the past 4 years. Time for a change this election.
And you got your numbers from where, exactly?
If you were an engineer you would know the difference between fact and anecdote
Could never be including the statistics of the countries own people. Perhaps the stats did not encompass its indigenous race…
Pure election bullshit!
Would a little whipped cream with that soften the blow?
Government can crow about statistics all it wants and voters can complain about their accuracy all they want. The way I see it, Government’s wide ranging social assistance programs are more appealing and lucrative for many unskilled Caymanians than a menial labour or entry level job. Those capable of post secondary education are often sent to second rate schools and/or pushed into finance, law and accountancy whether suited to it or not. There are few viable on island alternatives (like a trade school) for those who aren’t interested in university. The red tape and regulation associated with running a small business makes that unattractive for many would be Caymanian entrepreneurs. Until there is a will to see to it that all Caymanians are properly educated to their fullest potential in a wide range of professions, that success means more than a job in an office with windows, and that there is dignity in all forms of work, not to mention a revamp of the social welfare system, this won’t change. It’s always easiest to blame expats, but Government has helped to make Caymanians second class citizens in their own economy by failing to help properly, and realistically, prepare them to participate fully in it. Caymanians are more than capable of being fully employed – if they insist that their Government take off the blinders, face its own failings and get to work on fixing them instead of touting meaningless statistics and patting themselves on the back.
I am curious if the Premier includes in his statistic the Caymanians who can only get employment through temp agencies? You know, all those businesses (including Government) who love to hire temps so that they don’t have to mess with pension, vacation pay and healthcare, meanwhile the temp agencies are getting rich by taking a portion of the pay, businesses managed to reduce their overhead and Caymanians getting screwed with horrific benefits. Are those positions included in those “successful employment opportunities” statistics?
Either deluded and out of touch or just wants to be more successful than his fellow Caymanians. BMOC…Big Man on Cayman.
Must be talking about his drinking bobos at Da Station.
Is who dat??
And there are fairies at the bottom of Mr. McLaughlin’s garden. No. . .believe me. . .I’ve seen them.
I guess the cannabis law has passed and it is now legal completely. I need some of what he be smoking so I can see through his eyes.
# Fact Check #.
As a qualified Caymanian, in the engineering field, the company I worked for (for over 21yrs) tanked after the owner died. I am currently doing a lower waged, part time, unskilled job. Which by the way I could only get with conditions, such as not paying pension and health care. This is the current trend of the working market. Those who are looking will know this.
Since 2013 I have submitted over 150
(counted) job applications. I have registered with the NWDA. Every one of those jobs have fell through.
Excuses given:
1) No response at all.
2) We are sorry but the position has been filled. Forget the fact that they advertise on Thursday and on Friday it’s filled.
3) Sorry but you are over qualified.
4) Sorry but you are under qualified.
5) Sorry but we are just renewing a work permit.
6) Sorry but this is only temporary or part time.
Now somewhere, someone is telling the Premier inaccurate information or he himself is making this up to make himself look good.
Either way its a known fact that this information is untrue.
It’s tough being unemployed at your age but it doesn’t mean that the figures are wrong.
Your a monster. “Tough at your age” what you know about tough? And where did the Post mention age?
Delusion like them much?
OP says after 21 years – bit of a give away on age.
This is a PPM crony and could very well be one of the so called elected ones. Just enjoy it while you can as once election comes you all will be out here unemployed like us. Arrogant pompous blowbags
I’m in the same boat and you are so right….there are some good employers who try to employ Caymanians but most know all that is required advertise, ignore responses, and PAY FEE. After getting really belittled and having my extensive experience minimalized I actually now prefer the ones who just ignore. Companies used to know that these machinations wouldn’t be tolerated and Caymanians had opportunities and thrived and advanced. Not so anymore with Alden’s management permits for everyone as it creates LOWER end jobs.
I wonder what field of engineering has 150 businesses employing that field on Cayman?
Have you given any thought that the person applied for any and all jobs advertised after he / she could not get an engineering one? Quite possible eh?
So did the engineering company you worked for tank in 2013?
Have the PPM been trying out the medicinal herbs? Can we pass a law that looks to fine or punish Politicians for spreading alternative facts? Crap like this just shows what they think of people in this country.
Anyone that believes this statement is just plain stupid.
Great news Adlen….lots of temporary ditch digging opportunities when you’re unemployed in May.
Dont forget the turkey deliveries?
McLaughlin has never apologized or corrected his manipulation of statistical reality. This is the man, that just a year ago, was decrying the local unemployment rate to media (and in a national address) using a figure of 8% when the ESO’s office was publishing a number less than half of that. Now he’s trying to sell credit for the improvement!
Alden and PPM are delusional or living in a bubble disconnected from the realities of many Caymanians.
The proof lies in the answer to one question. Have things improved for the average Caymanian in the last four years?
Absolutely
NOT
They will not i prove under Bush either. Therein lies the dilemma for voters come May.
But Premier! The average take home pay has fallen, more Caymanians are earning less and less, what are you doing about the cheap labor situation in this country? Why are our young people not finding opportunities ? Why are they being overlooked for cheap labor?
The business want cheap labor and the government will always take a blind eye to it because that is where there big donors come from. Get used to it as Caymanians are a endangered species.
Hello Mr. McLaughlin, are you still in 2008 or what? There may be “jobs”, but pay is stagnant. Your government needs to take some of the blame for the cheap labour that is being imported from the Phillipines – even your deputy is contributing to this problem by hiring a Filipino at his grocery store, when he knows that there are plenty of locals looking for work.
The Brac quarry seems to be overrun by them now. The developer southside Brac regularly rotates her employees – most all Filipino’s. The construction industry just seems to be getting more and more of them.
So, when you publicly are bragging about jobs Mr. McLaughlin – you are mainly boasting of people who are willing to work for minimum wage, live in overcrowded conditions and subsist off one bag of rice for the week.
Not sure why the Ritch Report cannot be made public, but it is just a matter of time when you will be settling lawsuits against your government.
PPM (Phillipine Party Movement)
The construction industry has been ruined with all the cheap labor or better yet “contract workers” which are people paying for there own permits to the unscrupulous Caymanian (new status holders) license holder who has no work at all of there own but yet get loads of permits and then the big members of the contractor association love to hire them because they then do not have to follow any of the labor laws. Just blame it on these “contract workers”. But they also will regulate the industry. Oh we are doomed!
Boy is he ever off somewhere else!
Wages are lower than years ago yet cost of living is way higher.
The disparity gap between those who have and those who do not is getting wider and causing many of social ills which is evident in the crimes increasing and the homeless roaming around.
Well election is coming so may as well spin a good yarn.
When the facts of success are indisputable it’s amazing how people with twist and turn ilike a kite snagged on utility lines. Wait for it. It’s sure to come from the recycled candidates that the voters rejected last time.
#alternativefacts
I would be the first to agree that it doesn’t feel like the cost of living has gone down, but you need to address the fact that he – unlike Trump – is relying on the official statistics from the ESO. An alternative facts allegation only works where there is no independent facts, irrespective of whether you personally agree. Hell, Allen could accuse you of the same sin, since he has the ESO to rely on and you have what – your personal perception. On this one, YOU are the Trump.
President Trump really bothers you doesn’t he.
cayman economic performance is due to 2 factors:
dart investment and fco budgetry controls.nothing to do with the ppm.
end of story.
Propaganda the truth is welfare takes you off the unemployment line and most will tell you they dont need no job
Not true. The climate for small Caymanian businesses is incredibly hostile.
We are buried with regulation, paperwork and exorbitant fees. Stop lying.
The regulations, paperwork and fees are nowhere near as bad as many other civilized countries. If you want to be able to do as you please with no regulations then go back to Jamaica. We don’t do things like that here in Cayman.
You prob a fake caymanian… UK citizen. Relax they NEVER mentioned they were Jamaican!!! Bihhwhere??
Like China, eh?
For years now it has been hard for Caymanians to get jobs , despite the nature of the job. But on the other hand it is hard to be treated the way than some are treated but more harder when its your very own Caymanian being the boss. I know of a situation where the young lady who studied abroad and has to work under Caymanians who treat her like nothing. However she is one that put up with it silently never missing a day nor complaining. The sad thing about it the boss has no overseas training and no good old fashioned Caymanian manners.
It’s a competition and many successful Caymanians want to stay above others. They are not unhappy that the laws which gave them opportunities to advance are now being ignored by the PPM. Shame on you Alden
And the outrageous charge from a certain pension provider of $75 to get a form stamped that takes a week…
Personally I think it is shipping and duty that kills small businesses who pass it on to the consumers. If they would like to increase small businesses then decrease customs charges to a flat 10% minimum and not the 20% for individuals with a trade and business license.