In Agreementwith Economic Revival
Dear Sir
I couldn't agree more with your editorialof Friday, July 5, 2002. Every word that you stated was true.Take for example the way that the banks are ripping us off withtheir interest rates.
For example, I have a close friend, whoafter much pinching and hard work managed in her pre-retirementyears to have a US Dollar and Cayman Dollar term deposit in thelow five figure bracket at a bank in George Town. Interest usedto average 3% to 4% per annum on her accounts. Now she has justreceived notice that the interest on her accounts have droppedto 0.625% per annum.
She had to go to the same bank for a smallloan and they told her the interest rate would be 11%. What aserious rip off. So, of course, she went to another reputablebank and they told her they could give her 1.5% for her term deposits.So obviously, banks here can give whatever interest rate theychoose, because there is no legislation in place to stop them.Our Government needs to look into this serious matter the sayas they dealt with Cable & Wireless.
Another matter that bothers me is how oneof the food stores here recently retired a Caymanian, hard working,dependable employee because of her age, yet they are still employingan expatriate person who is much older and feebler than she is.If this matter is not discrimination against Caymanians, thentell me what it is.
Knowing how difficult life is these days,if the supermarket could not keep her in the position she heldbecause of fiscal restraints, couldn't they have at least offeredher another job in a lower salary bracket? I am sure she wouldhave accepted the position, enough said. However, that is thethanks we get for giving certain expatriates Caymanian status.
Another matter that bothers me is the factthat security guards here are paid $5.00 per hour, yet the companycollects $10.00 per hour for their service. How can these poorsecurity guards survive? This kind of salary is only encouragingthem to engage in other illegal activities in order to survive.Government needs to put in place a minimum wage for every industry,not just the hospitality industry - we were promised that in the2000 Election campaigning, if I remember correctly.
Mr. Editor, I guess that I have stated mostof my concerns now. I enjoy reading your publications, they arevery informative and enlightening. Keep up the good work.
N. A. Elliott