Video: Premier On Job Makers Act
Premier Paula Cox today [Jan.11] unveiled the guidelines for the Incentives for Job Makers Act which offers immigration inducements to those companies which make hiring Bermudians an organisational priority.
The law, which came into effect on January 1, provides work permit exemptions for up to five foreign executives of firms based on the island Bermuda if they meet certain criteria in terms of employing Bermudians.
Ms Cox said the guidelines — sent to employers today and to be posted on the Bermuda Government website – answer 17 anticipated questions including:
- An explanation of the benefits and when they take effect;
- Where applications should be submitted
- The criteria that companies must meet to obtain the concessions;
- The criteria that an employee must meet to be considered for exemption from needing a work permit and, in the future, to be eligible for a Permanent Resident’s Certificate;
- A description of the process once applications are received;
- Where queries should be directed
“This Act represents the first step in our commitment to strike the right balance in providing an enabling environment for the private sector to create new jobs for Bermudians and maintain the existing ones,” said the Premier. “Already there has been a great deal of interest expressed by companies and senior executives that are already in Bermuda and potential investors that are interested in coming to Bermuda.”
Premier Paula Cox On Incentives For Job Makers Act
The Premier continued: “The Incentives for Job Makers Act 2011 also recognises and rewards those companies that have demonstrated that they believe in Bermuda and Bermudians by providing their senior executives with an exemption from requiring a work permit for as long as the executive continues to be employed with the company and the company continues to invest in Bermuda.”
The Premier’s full statement follows below:
Job creation has been an over-riding concern of this Government and is at the forefront of any legislation that we table to encourage investment in Bermuda. This Act represents the first step in our commitment to strike the right balance in providing an enabling environment for the private sector to create new jobs for Bermudians and maintain the existing ones.
Already there has been a great deal of interest expressed by companies and senior executives that are already in Bermuda and potential investors that are interested in coming to Bermuda. The Incentives for Job Makers Act 2011 also recognises and rewards those companies that have demonstrated that they believe in Bermuda and Bermudians by providing their senior executives with an exemption from requiring a work permit for as long as the executive continues to be employed with the company and the company continues to invest in Bermuda.
The guidelines will be sent to the employer groups today and will also published on the government website. We have also consulted with the Departments affected by this change to finalise the internal procedures to ensure that we are ready to accept and process the applications.
At a time when all businesses are seeking to realise cost savings and looking to jurisdictions that will provide them the greatest return on investment for their shareholders, we must provide added value. The Government appreciates that in order to encourage job makers and future investors to commit to Bermuda in the long-term; we must give them the opportunity to consider Bermuda as their permanent home for themselves and their families.
This Act is a twenty first century solution to address a challenging twenty first century economy and is the first of many new initiatives that will be introduced to add economic value and drive further development.
I would like to acknowledge and thank Mrs. Leila Madeiros and Mr. Brad Kading of the Association of Insurers and Reinsurers [ABIR] who provided input into the guidelines and made them more user-friendly.
I will now take your questions.
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Way, way too complicated, more barriers to doing business and gives companies another reason to set up in other more welcoming, low red-tape jurisdictions. Do not think that they have considered the total ramifications of this legislation. It could actually be very damamging to employment growth as many companies, may upon close scrutiny, realise that it could actually be very costly from an employment perspective to participate in this protectionist scheme. I would dare to suggest that it is more smoke & mirrors designed to dupe the voting public into believing that something good is being done…NOT….
We are now getting very close to an election…I can smell it outside KFC…
Thanks, but No Thanks. I’ll set up my company somewhere else where it’s easier and friendlier…like Cayman…or Ireland…or Switzerland…or…
Just another epic PLP FAIL. I’ve always lived by the theory of “if you’re already in a hole, QUIT DIGGING.”
Another FAIL.
And really how many people really in this high end jobs area that can even afford this? Only the handfull still here maybe will go for this but I doubt it! I agree it’s a smoke and mirrors act.
And back to reality BERMUDIANS are still out of work and those number will rise in 2012 significantly. Dorothy we are not in Kansas anymore!!!!!! WAKE UP
I think there must already be an act existing for restaurant, landscaping, retail and other business owners in the non-executive sector. This law must already be in place for that job area because I see many of those businesses employing 5 foreigners to 1 Bermudian.
Come on Tommy. You already know that in these sectors the workers from overseas are only getting paid $5 an hour while the “BERMUDIAN” business owner runs to the bank with the rest. Go smoke one and relax, DUDE!
Whoooaaah Dude! There’s actually foreign workers who get paid $5 an hour to make $30 sushi platters. I guess that’s why the descendants of the former slaves are unemployed now since immigration allows new slaves to be brought in. How can I relax now that you’ve made me realize that certain employers & immigration are not only supporting local unemployment but modern day slavery also. How can I enjoy the smoke on such a bad BUZZ! Pun intended!
True: Absolutely nobody (not one single company or person) will go for this since it is way too costly and complicated. It beggars belief that PLP would try to implement this. Just more smoke and mirrors from the do nothing government known as the PLP. Beyond pathetic. They have deliberately set this up knowing that nobody will utilize it – to make it look as if they are actually doing something. It is a complete disgrace. Paula should be ashamed.
PLP – Pathetic Lazy Party, or Please leave Parliament – take your pick.
Too little too late to reverse Burch/Brown damage. PLP should have stuck with old school ideals and kept the crazies away from the controls…..vote OBA
I think the question is, Who is interested? where are they? why will they move here? …
and finally the small print
” that you still have to pay high rent for office space, cost of living is high”
Why not target individual companies approach them and hear their concerns and work with them. put a 10 -25 years plan, it tough out there, be smart every country want’s their companies to stay.
Yesterday:
President Obama is meeting with executives from 14 companies Wednesday to encourage them to bring jobs back to the United States.
The so-called “Insourcing American Jobs” forum at the White House includes leaders from Ford (F, Fortune 500), DuPont (DD, Fortune 500), Intel (INTC, Fortune 500), Otis Elevators and Rolls Royce, among others.
Obama battles job crisis
Before Obama even took office, America had lost 4.4 million jobs. Track his progress since then.
“I’m calling on those businesses that haven’t brought jobs back to take this opportunity to get the American people back to work,” Obama said in prepared remarks. “That’s how we’ll rebuild an economy where hard work pays off and responsibility is rewarded — and a nation where those values live on.”
Well, I’m no supporter of this government, but unlike those above, I do applaud this new Act and believe that it is a step in the right direction. Is it enough to stem the tide? Doubtful, but it will do no harm and may even serve to secure a couple of key positions at what is now a critical time for Bermuda.
At least one step in the right direction, not all negative IMHO
where on the government website are the guidelines or when would it be published
I don’t get this piece of legislation at all….as work permit exemptions, waivers, good corporate citizen awards, key employees are already granted to I would imagine most CEO, CFO, CIO, COO, CUO at major exempted companies in Bermuda today….all at the current cost for a renewal or waiver fee….how does this help them as it appears it will be even more costlier…you can get an extention for ex-pat managers up to 9 years today….how many of the aforementioned group of executives are denied waivers or renewals, very few, if any.
In all honestly, do we really believe most of these folks in these positions (90% Americans) are really looking to make Bermuda their permanent home? Back in the day when we had all those folks from England immigrating here, maybe, not today’s Executive…
Simply Cog-wash…
ALL YOU EXPAT WANT TO STAY IN BERMUDA STOP THE BS. THIS IS THE LAND OF MILK AND HONEY GO PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP PLP ……….
a large company may be willing to drop $100k to do this just to avoid dealing with immigration for 5 people which is where all the problems lie despite what anyone says to the contrary….the rest of it is just overdone as usual and is mere pandering to the electorate to make them think something is being done….damage already done….
Damage is already done. Man the lifeboats.
I just clicked on the Gov’t Webbsite link above… what an amateur looking website. It’s a mixed-up jumble that’s not logically laid out. Figures. The plp are like that too.
I thought I heard that part of the wondrous new plp IB Deal was that these companies had to hire 25 Bermudians in all levels of management. 25 seems like an awful lot of workers! To me this comes across as a “make work program for Bermudians” paid for by IB. Not gonna work because IB want to hire the best people they can get – and not be dictated to by the clueless plp Gov’t.
Again, more thoughtless legislation demonstrating how LITTLE the plp know about business. Why didn’t the plp lot CONSULT with IB before they did anything? Or did they actually think that they knew what they were doing? Too funny.
So according to the above posts there is not one positive thing abount this article?
Not one.
The reality is not every expat wants to stay in Bermuda forever maybe if you are one of the few millionaires
The rest cannot too costly ,the expat workers flow in and out with the job market . This will never stop so why are government making a big deal of this (election) maybe dunno.feeding into the notion that stopping this external action will make a difference. In the end government cannot tell a business who to hire and what to pay them full stop.companiesnthat have all that big bucks to spend can relocate if things get to complicated we have all seen this already…… What government should be doing is helpingto facilitate job creation do all it can to stimulate
New business not scare them off or pi.. Off the ones here. Not all expats are CEOs some are on small wages making a hard earned living.Surviving in the world of which Bermuda is part of .