Beautiful Virgin Islands

Tuesday, Jun 03, 2025

Businesses will go bankrupt if lay-off period isn’t extended

Businesses will go bankrupt if lay-off period isn’t extended

The BVI Chamber of Commerce & Hotel Association (BVICCHA) is demanding the Ministry of Labour to urgently extend the lay-off period, saying some businesses will likely go bankrupt if they have to pay severance to workers who are currently laid off.

The Chamber said it “respectfully urges that the date be extended to 30 November 2020 in the first instance”.

The lay-off period describes the time that can elapse before an employer must pay severance to any employee who has been laid off.

Back in June, Cabinet extended the usual three-month lay-off period to seven months as many businesses found it difficult to come up with severance packages.

That extension expired on October 31 with no announcement from government.

The BVICCHA said: “If this deadline is not extended, requiring severance payments will likely bankrupt many businesses. Further, it will become unduly costly to restart the hiring process.”

Many businesses have noted that they are unable to put severance packages together because they incurred loss due the territory-wide COVID-19 lockdown which lasted several months.

Labour Minister Vincent Wheatley has promised that the lay-off period will be extended.

Labour Minister Vincent Wheatley has promised an extension but said the government has to satisfy both employers and employees when extending the lay-off period.

Reopening plan


The BVICCHA also said it continues to advocate for government to produce a full economic recovery plan that encompasses comprehensive details of what residents, businesses, and visitors should expect come December 1 and December 8.

The Chamber had presented a plan to the government but said it was later rejected.

Premier Andrew Fahie later said aspects of that plan presented by the BVICCHA will be incorporated into the government’s final reopening plan for the BVI.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Dutch government falls as far-right leader Wilders quits coalition
Harvard Urges US to Unfreeze Funds for Public Health Research
Businessman Mauled by Lion at Luxury Namibian Lodge
Researchers Consider New Destinations Beyond the U.S.
53-Year-Old Doctor Claims Biological Age of 23
Trump Struggles to Secure Trade Deals With China and Europe
Russia to Return 6,000 Corpses Under Ukraine Prisoner Swap Deal
Microsoft Lays Off Hundreds More Amid Restructuring
Harvey Weinstein’s Publicist Embraces Notoriety
Macron and Meloni Seek Unity Despite Tensions
Trump Administration Accused of Obstructing Deportation Cases
Newark Mayor Sues Over Arrest at Immigration Facility
Center-Left Candidate Projected to Win South Korean Presidency
Trump’s Tariffs Predicted to Stall Global Economic Growth
South Korea’s President-Elect Expected to Take Softer Line on Trump and North Korea
Trump’s China Strategy Remains a Geopolitical Puzzle
Ukraine Executes Long-Range Drone Strikes on Russian Airbases
Conservative Karol Nawrocki wins Poland’s presidential election
Study Identifies Potential Radicalization Risk Among Over One Million Muslims in Germany
Good news: Annalena Baerbock Elected President of the UN General Assembly
Apple Appeals EU Law Over User Data Sharing Requirements
South Africa: "First Black Bank" Collapses after Being Looted by Owners
Poland will now withdraw from the EU migration pact after pro-Trump nationalist wins Election
"That's Disgusting, Don’t Say It Again": The Trump Joke That Made the President Boil
Trump Cancels NASA Nominee Over Democratic Donations
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OnlyFans for Sale: From Lockdown Lifeline to Eight-Billion-Dollar Empire
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Hegseth Warns of Potential Chinese Military Action Against Taiwan
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Jamie Dimon Warns U.S. Bond Market Faces Pressure from Rising Debt
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Taylor Swift Gains Ownership of Her First Six Albums
Bangkok Ranked World's Top City for Remote Work in 2025
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
Russia's Fossil Fuel Revenues Approach €900 Billion Since Ukraine Invasion
U.S. Justice Department Reduces American Bar Association's Role in Judicial Nominations
U.S. Department of Energy Unveils 'Doudna' Supercomputer to Advance AI Research
U.S. SEC Dismisses Lawsuit Against Binance Amid Regulatory Shift
Alcohol Industry Faces Increased Scrutiny Amid Health Concerns
×