Businesses will be able to 'plan better' under Minimum Wage reforms, says Chamber

But organisation shares concerns over new median-earnings approach 

The Isle of Man Chamber of Commerce says businesses on the Island will be able to 'plan better' under new Minimum Wage reforms.

Earlier this month Tynwald approved a new methodology linking the rate of pay to median earnings, leaving behind a commitment to achieve parity with the Living Wage by 2026.

It also means any future Minimum Wage proposals will be brought to Tynwald for approval in October each year, with an implementation date of the following April - something the CoC says will come as a relief to Manx firms.

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