Business groups welcome amendments to Job Makers Act
Re/insurers and business groups have welcomed Government's proposed changes to the Incentives for Job Makers Act saying it will help encourage job opportunities for Bermudians.
Amendments tabled in the House of Assembly on Friday make it easier for non-Bermudian senior executives to be exempt from work permit requirements and to be granted permanent residency.
The Association of Bermuda Insurers and Reinsurers said yesterday the enhancements to the Act recognise the significant contribution of international business to the economy of Bermuda and “have the potential to strengthen the continuity of those companies already well-established here. Securing the loyalty of businesses and their senior executives located in Bermuda may well increase the likelihood that companies continue to remain here and more importantly that jobs remain here.”
RenaissanceRe CEO and president, Kevin O'Donnell, commented: “We at RenaissanceRe welcome the recently announced amendments to the Incentives for Job Makers Act and commend the Government of Bermuda for its commitment to reviewing this important legislation.
“We believe the latest revisions represent a significant step towards creating more jobs in Bermuda and ensuring the long term prosperity of Island.”
Leila Madeiros, senior vice president and deputy director of ABIR, added: “We are encouraged by the Government's proposed amendments and its willingness to table legislation for consideration to encourage insurance and reinsurance leadership of Bermuda-based companies to have their senior executives remain on island and by doing so continue to have jobs locally based in Bermuda.”
ABIR noted that its most recently published data from ABIR member companies illustrated the significant contribution to the Bermuda economy by its members and the 1600 jobs located in Bermuda of which nearly 70 percent are held by Bermudians.
“ABIR's headcount has been slowly declining in Bermuda as jobs have been shifted to other countries,” ABIR said.
“Developing meaningful incentives that encourage loyalty to Bermuda is extremely positive and goes a long way to fostering a competitive business environment in Bermuda.
ABIR represents 21 international insurers and reinsurers.”
Meanwhile, BermudaFirst said in a statement it commended the Minister of Home Affairs on the proposed amendments to the Act.
“The initial rationale of the Incentives for Job Makers Act 2011 was to support Bermuda's economic growth and create long-term job opportunities for Bermudians,” a statement from the group said.
“We believe that the proposed amendments will allow the legislation to be more effective and ultimately result in a stronger, more stable Bermuda for Bermudians.”
BermudaFirst's added: “We would also like to thank and again, commend Minister Fahy for his commitment to consultation and collaboration with stakeholders. BermudaFirst is one of many groups who have consistently called for the strengthening of the original Act, which was initially tabled in December 2011.
“It is gratifying to see
that the voices of the community have been heard and considered.
Legislation is but one part of the solution. Everyone in Bermuda has a role to play in the Island's
economic recovery. BermudaFirst remains commitment to driving the momentum of positive change
BermudaFirst is a collective of business, sector and Government leaders who came together (beginning in 2008), principally as a think tank.
The public/private, bipartisan forum is led
by Co-Chairs: Premier Craig Cannonier, Opposition leader Marc Bean, Don Kramer, chairman of ILS Limited; Gil Tucker, partner of Ernst & Young and Peter Durhager, executive VP of RenaissanceRe Holdings.