JAMAICAN labourers are better off working in an overseas fast-food restaurant than working for minimum wages here, according to executive director of the Growth Secretariat from the Planning Institute of Jamaica (PIOJ) Joseph Cox.

“The sad reality therefore is that most people would be better off financially going overseas and working a minimum wage job at Burger King or some similar fast-food place,” Cox said.

He was speaking at the quarterly meeting of the Jamaica Association for Micro-Financing (JAMFIN) on Thursday March 5, 2015 at the Ministry of Investment, Industry and Commerce under the theme ‘Looking Forward, Looking Up for 2015’.

“Some 25 per cent of the labour force live on minimum wage; 56 per cent are one pay cheque away from poverty and 76 per cent have no certification,” Cox said.

“Today the national minimum wage is $5,600 for a 40-hour work week which works out to US$48.69 weekly or US$1.38 per hour,” he said.

Proper governance and institutional linkages are critical, Cox said. “You need to pay attention to the structure of the organisation as some entities that claim to be microfinance companies are little more than money-laundering schemes. Some entities tell you that the interest you repay on the loan is one per cent — but then there are back-end costs and hidden fees that are applied. No industry can survive like that.”

“We have to push for the Micro Credit Act to start to get your house in order so that when the time comes, there is no massive upheaval. Design your product with creativity and dynamism and don’t just fall in love with your ideas and concepts, fall in love with your profits.”