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Rapid devaluation of the Jamaican dollar threatens to undermine Public Sector MOU” says G2K



G2K | 2013-10-22 00:00:00

Generation 2000 (G2K), the young professional affiliate of the Jamaica Labour Party, today expressed concern that the rapid devaluation of the Jamaican dollar threatens to undermine the current Memorandum of Understanding (MOU) entered into by Public Sector Unions with the Government earlier this year.

G2K President Floyd Green said, “One would have expected that the Government, in fulfilling their end of the bargain with the Public sector workers, would have kept the economy stable. It is now clear that Public Sector workers have not signed on to a wage freeze, but instead to a significant reduction in their wages, caused by a consistent rise in the prices of basic goods and services which is a direct result of the devaluation of the Jamaican dollar.”

G2K notes that on March 6, 2013, the Public Sector Unions agreed with the Government for a wage freeze for its workers spanning the years 2012 – 2015. At the time when the MOU was signed the Jamaican Dollar was valued at $97.16 to US$1 and today the dollar is now valued at JM$105.16 to US$1 which is an unimaginable depreciation of $8 in less than a year.

The organisation further adds that inflation for the month of September 2013 was 2.8% resulting in the highest monthly price increases that the country has seen in 5 years.

“It is imperative that the government immediately puts measures in place to ease the burden on the Public Sector workers and the country at large. We cannot continue to suffer at the hands of the plummeting dollar; it is now time for the government to do all in its power to stabilize the Jamaican dollar and the economy,” continued Mr. Green.

 




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