Employers will be able to apply for ten-year work permits come November, Government announced yesterday.The permits will be available at a cost of $20,000 for key employees of companies with “a significant presence in Bermuda and who meet a set of criteria”.The news was warmly received by the business community.Government approved the long term work permit back in 2009 but delayed implementation.“At one level, we need to evolve how we strike a balance between work permit holders and the Bermudian workforce.“There are many experienced non-Bermudian executives in companies who do much to contribute to the Bermudian economy and have done so for many years,” stated Economy Minister Kim Wilson in a press release issued last night.“We want to keep these individuals thoroughly involved in investing in our economy and we do not want to disrupt the business continuity of their organisations.”The Minister added that Government would also ensure that international companies advertise positions which become available, so that opportunities are available for qualified Bermudians.“This is particularly important for those knowledge workers who are seeking employment.”The permits will only be considered for those posts for which Bermudians have, historically, not applied, and where it can be demonstrated that Bermudians are unlikely to be qualified to fill the position and where the post holder will be responsible for “making decisions that are critical to the continuity of the company in Bermuda”, the press release states.“Employers who hold such work permits will be required to provide, on an annual basis, a report on their organisation to demonstrate that they continue to meet certain requirements,” the release continues. “It should be noted that the Government is also working on initiatives that will increase foreign direct investment and create jobs. We will continue to do all that we can to facilitate projects that will provide employment opportunities, training, and retraining for Bermudians.”Long expected by the international business community, the announcement drew immediate praise from both the Association of Bermuda International Companies and the Bermuda Employers Council.ABIC chairman George Hutchings said ten-year permits would make it easier for his sector to attract and retain talent. “The policy sends a clear message that Bermuda is open for business,” he said. But the organisation, which represents 130 international companies, noted: “Offering a ten-year work permit is a significant step. However, a more comprehensive plan to make Bermuda more attractive to existing business as well as new business is fundamentally needed to stimulate Bermuda’s economy and create job opportunities for Bermudians.”BEC President Keith Jensen hailed the announcement as “very good news”. “We anticipate that this new policy will improve developers’ and investors’ confidence in Bermuda leading to economic stimulation and job growth.” he said.Craig Cannonier, leader of the One Bermuda Alliance, called the new work permits “a step in the right direction” but added they did “nothing to fundamentally alter a policy that is regarded by international business – the largest and most vital sector of Bermuda’s economy – as a continuing challenge to their Island-based operations”.He said: “Government has a multi-pronged term limits policy with six-year term limits that can be extended to nine years, ‘key man’ exceptions and now 10-year permits. It has been a mess for Government to manage and for business to deal with.“The PLP Government has given different explanations for the term limit policy, but recently said they did so to protect Bermudian jobs. If that is the case, they have failed, as is evidenced by current job losses in the international sector and statistics showing the total number of jobs held by Bermudians steadily falling since 2000.”The OBA leader called on Government to have a two-year timeout on term limits to “reset the dials”. He believes this would lead to Bermuda emerging with a policy balancing the needs of international business and the needs for Bermudians to take their rightful place in the commercial life of the country.He added: “The Government’s announcement today suggests they share our goal, so let’s cut to the chase and do it. Swallow your pride and come up with a policy that works for Bermuda. Do the right thing. Put Bermuda first.”