It is welcome news that an agreement has been reached between local employers, trade unions and the ministry of labour and social security to consider redundancies as a last course of action in light of the difficult economic times.

For the past few months analysts worldwide have been forecasting economic doom and gloom all the way into next year. Clearly for a small economy like Jamaica's, these external issues can have serious implications for our citizens and our way of life.

Thankfully an agreement has been reached and according to the article in the Wednesday Gleaner, the parties to the agreement have agreed not to cut staff at the first sign of trouble. Instead they will consider alternatives such as shifts and cutting jobs hours to help keep people employed.

Less earnings

While these strategies mean people may be earning less, if people are smart about how they spend, then surely the nation can get through this difficult time.

The current financial crisis has highlighted how vulnerable our people are to economic difficulties. Many Jamaicans do not pay taxes, are not working or live off begging and other 'easy money' exploits. When they fail, the hard working Jamaicans are the ones being made to pick up the slack.

We need to get back to the times where people recognised the importance of working hard and saving. Jamaicans also need to recognise that they need to contribute to the country's growth and development. It is only by rebuilding this spirit that Jamaica will be able to rise above this financial crisis and lessen the impact of future finance problems.