Today (9 February 2025), the Ministry of Economy and Labour released its 2024 Year in Review, Driving Growth, Empowering Bermudians. The report highlights a year of transformative initiatives and significant milestones to strengthen Bermuda's economic foundations, enhance workforce development, and foster sustainable growth.
"In 2024, we witnessed substantial progress in advancing Bermuda's economic and social well-being," said the Hon. Jason Hayward, JP, MP, Minister of Economy, and Labour. "Our focus has remained on implementing effective policy solutions, modernising critical systems, and empowering Bermudians to thrive in an evolving global landscape."
Key Highlights of 2024:
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Strengthening Social Protections and Labour Rights:
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The Employment Amendment Act 2024 increased the maximum severance allowance from 26 to 32 weeks' wages, providing greater financial security for employees during transitions.
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The Ministry proposed a biennial minimum wage adjustment framework tied to inflation, projected to increase to $16.81 and $17.23 in 2025.
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Introduced the Tip and Other Gratuities Policy Statement Form to support businesses’ compliance with gratuities legislation.
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Empowering Immigration Transformation:
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Planning is underway for the implementation of a digitisation initiative to streamline immigration processes and improve overall customer satisfaction.
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Extended the closed and restricted job categories to prioritise employment opportunities for Bermudians.
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Empowering Bermuda’s Workforce:
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Launch of the new Workforce Development website (dwd.bm), enhancing access to job listings, training opportunities, and career resources.
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Establishment of the National Workforce Advisory Board to align training programs with Bermuda’s economic needs.
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Bermudians were awarded over $350,000 in scholarships and training funds to support education and skill development.
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Promoting Economic Growth:
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The Economic Investment Residential Certificate (EIRC) program attracted over $500 million in investments, reinforcing Bermuda’s position as a global hub for sustainable economic development.
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Expanding the Bermuda Coders Initiative, offering free courses in coding, AI, and data science to all residents, with over 283 participants in 2024.
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Fostering Global Partnerships:
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Signed strategic agreements with the United Arab Emirates and the Republic of Ghana focusing on economic trade and technical cooperation to boost Bermuda's global connectivity and development opportunities.
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Minister Hayward concluded, "Our efforts in 2024 have laid the groundwork for a resilient, inclusive economy. As we move into 2025, we remain committed to creating opportunities for all Bermudians, fostering innovation, and driving sustainable growth."
Access the full report at Economy and Labour | Government of Bermuda (www.gov.bm).