by Stacey Russell

BE MODERATE and do not panic!

Members of the Barbados Employers' Confederation (BEC) took that position at a special closed-door meeting last Thursday when they discussed rising prices and the possible impact on wage demand, employment issues and the social partnership.

BEC executive director Harry Husbands, giving a synopsis of the closed-door session held at Sherbourne Conference Centre, Two Mile Hill, St Michael, said employers were expecting the winds of global economic crises to begin rocking their boat by late 2008 and into the new year.

However, they were currently "upbeat and positive", he told BARBADOS BUSINESS AUTHORITY in an interview last Friday evening.

"The participants felt that there would be a time lag between what is going on internationally and the effect on the Barbadian economy. So they have not yet begun to feel the full effect of the rising oil prices . . . ," said Husbands.

He noted that the meeting was well attended by representatives from a wide cross-section of enterprises in terms of size and sectors of the economy.

"[And] they have not had to take any measures in the area of employment yet," BEC's point man reported, adding, "but they felt strongly that working in conjunction with the unions and Government, we could survive any challenges and actually emerge stronger."

Further, Husbands said, "They felt, in terms of wage demands, in terms of layoffs, that the general tone had to be one of moderation and a refusal to panic".

Moreover, a seven-member committee was formed to review Protocol Five of the social partnership, which has already expired, and make recommendations for enhancing Protocol Six, the next agreement in the joint interest of the private sector, trade unions and Government.