Dear Member,
As we welcome the New Year, the Board, Management, and Staff of the Chamber extend our very best wishes to you and your team for a successful, prosperous, and rewarding year ahead.
We know that the business environment continues to evolve, often presenting both opportunities and challenges. Additionally, the global economic and geopolitical environment is as unpredictable as it has ever been with rapidly emerging and changing scenarios.
Be assured that, as your Chamber, we remain firmly at your side. We work assiduously, often behind scenes engaging with Government and key stakeholders to help ensure that the business environment remains stable, competitive, and supportive of enterprise, allowing you to operate efficiently and compete effectively.
Representation and advocacy remain at the core of our mandate. We are committed to being a strong, credible, and constructive voice for business, advancing your interests and ensuring that the perspectives of members inform policy, regulation, and national decision-making.
At the same time, we will continue to invest in people development. Our programme of training and business development initiatives is deliberately designed to strengthen your teams, build leadership and technical capacity, and support sustainable growth within your enterprises.
As a long-standing partner, advisor, and advocate for business, we thank you for your continued trust and engagement. We look forward to working closely with you throughout the year as together we build stronger businesses and a more resilient economy.
On behalf of the Chamber, we wish you a productive, successful, and fulfilling year in business.
Warm regards,
The Chamber Team
St. Lucia Chamber of Commerce, Industry and Agriculture
The St. Lucia Chamber of Commerce, Industry and Agriculture wishes to share this information with its members, following guidance received from the National Insurance Corporation (NIC), regarding the use of ICD-10-CM code Z63 on medical certificates and related documents.
Code Z63 is a category code in the ICD-10-CM system used in medical records to classify non-medical factors that may influence a person’s health status, specifically issues related to a primary support group, including family or household circumstances. This code does not indicate that the holder of the sick leave has a medical illness or disease.
While such circumstances may impact an individual’s overall well-being, Z63 is a diagnostic classification for social or psychosocial factors, rather than a medical condition.
NIC has advised that benefits are not payable to employees, and reimbursements are not issued to employers, where claims are supported solely by code Z63. As it does not represent a medical condition, it does not meet the eligibility criteria for sickness benefits under NIC regulations.
What Employers Should Note: In light of this guidance, Chamber members are encouraged to:
The Chamber shares this information in the interest of keeping its members informed and encourages employers to contact the NIC directly should further clarification be required.
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The St. Lucia Bankers Association wishes to remind Business Houses of the importance of adhering to the terms of salary assignment agreements. These agreements govern the transfer of a designated portion of a borrower’s salary, by their employer, to the relevant financial institution for the servicing of credit obligations.
The above cited agreements usually represent irrevocable (cannot be varied without the approval of the lender) instructions by the borrower to their employer to make the relevant transfers. However, despite the irrevocable nature of these agreements, the Banker’s Association is aware that some employers have facilitated variations (discontinuation or reduced transfers) to these agreements without the lender’s approval. These breaches of the salary assignment agreements compromise the integrity of the lending process.
The cost and availability of credit are tied to the probability of full repayment and accordingly, anything that increases the risk of default, such as a compromised salary assignment, is likely to increase the cost of borrowing or reduce access to credit to potential borrowers. These negative outcomes have implications for economic activities/performance, and financial sector stability; factors with a direct impact on your members and on the wider Saint Lucian economy.
The Banker’s Association recognizes that employers are not being malicious in facilitating these salary assignment variations, instead it can be an oversight, system error or an effort to accommodate an employee experiencing challenging circumstances. However, it is very important that any change to an agreement be authorized as per the terms of the agreement.
Given the importance of this matter to ensuring continued access to credit for your members’ staff, and the wider public, the Bankers Association greatly appreciates this matter being brought to the attention of the Chamber Membership.
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Board of Directors
President: Mr. Nicholas Bernard
1st Vice President: Ms. Eldris Mauricette
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2nd Vice President: Mr. Jason King
Immediate Past President Ross Gardner
Executive Member: Ms. Cheryl Renwick
Executive Member: Mr. Gidden Augustin
Executive Member: Mr. Leathon Khan
Executive Member: Mr. Rankin Morgan
Executive Member: Mr. Kelly Mitchell
Executive Member: Mrs. Arletta
Executive Member: Ms. Ellen Antoine
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