Businesses must operate within formal economy — JEF
KINGSTON, Jamaica —President of the Jamaica Employers’ Federation (JEF), Wayne Chen, stressed the need for businesses to operate within the formal economy, noting that this was critical for the country prosperity.
“We recognize that one of the foundations of our future development will have to be increasing formality within the spheres of economic activity,” Chen said Tuesday.
Chen contended that businesses which operate in the formal sector, have a greater capacity to grow, improve their efficiencies and become more competitive in order to face the future challenges as the economy becomes more globalized.
“When we operate in the formal sector, that is, adhering to the regulations, the laws and the high standards of practice in the country, is when Jamaicans will truly benefit,” he said.
The issue of informality will be among areas of focus for the JEF as it observes National Employers’ Month in September.
The many challenges faced by employers as well as the possible solutions will be highlighted and discussed throughout the month, as the JEF recognizes and celebrates the contribution of employers towards national development, Chen said.
Emphasis will also be placed on increasing productivity and efficiency within the workplace, which Chen argued, are critical to realizing the goals of Vision 2030.
He said that productivity levels have fallen steadily in Jamaica over the last 30 years.
Highlighting some of the planned activities for the month, the President noted that there will be courtesy calls on the Governor General, Prime Minister, Leader of the Opposition, members of the diplomatic corps and business associations; outreach activities and discussion fora.
The month’s observance began with a church service at the St Andrew Parish Church on September 2.