Hayward: 8,000 new jobs too ‘ambitious’ for five-year plan
The Minister of Economy and Labour has played down a goal announced two years ago to boost the island’s workforce by more than 8,000 people within five years.
However, Jason Hayward said there had been “encouraging” growth, with 952 new jobs in the 2023 figures.
He added: “I am confident that we are going in the right direction, but whether or not we can reach the target of 8,000 may a bit ambitious over the next three years.”
Mr Hayward, who was delivering the latest job numbers, said that his ministry would have to go back to the drawing board to find a more appropriate goal.
Mr Hayward said in September 2022 that the island needed to raise its working population by 25 per cent in five years to counterbalance the effects of a rapidly ageing population.
The minister set a goal of an estimated 8,418 extra people, or a 5 per cent annual increase.
Mr Hayward’s remarks came one year after figures showed the island’s employment statistics reflected jobs increasing, but still below pre-pandemic levels.
The minister said that the number of filled jobs increased by 952, or 3 per cent, between 2022 and 2023, taking the total to 32,866.
He said that the bracket of workers aged 65 and older saw the most increase of employment with a 6.3 per cent rise.
People aged between 25 and 34 and people under 20 saw increases of 4.4 per cent and 4.2 per cent.
Mr Hayward said that the rise “reflects positively on Bermuda’s economic health and growth prospects, while also highlighting the need to continue to build on that progress”.
Mr Hayward said that the accommodation and food sector saw the most growth with 402, or 12.2 per cent, more jobs.
This happened alongside the growth of the international business and the scientific and technical sectors, which grew by 233 and 144 new jobs.
Jobs for Bermudians grew by 121, while the number of jobs for non-Bermudians increased by 816.
This number is still short of pre-pandemic levels by 1,512.
The median gross annual income for all job holders increased by 2.4 per cent to $70,238.
Mr Hayward said: “While these figures demonstrate positive momentum in many job market areas, the Government is fully aware of the need to continue to prioritise the creation of sustainable employment opportunities, especially for Bermudians.
“Our unwavering commitment is to ensure that our citizens have access to stable, well-paying jobs that Bermudians are positioned to benefit from our economic growth.”
Mr Hayward said that additional funds provided to the Department of the Department of Workforce Development would go towards construction apprenticeships, carpentry, solar panel installation and hospitality training.
• To read Jason Hayward’s remarks and the employment statistics, see Related Media
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