Sharing Daily Discoveries About Personal Finance And Business Topics

Minimum Wage Increase

While tomorrow is Remembrance Day here, another interesting note is that the minimum is apparently going up here in various places. For those who do live in Canada here is a quick list of what the rates are going to be:

Alberta: $9.40
BC: $9.50
Manitoba: $10.00
New Brunswick: $9.50
Newfoundland: $10.00
Northwest Territories: $10.00
Nova Scotia: $10.00
Ontario: $10.25
PEI: $9.60
Quebec: $9.65
Saskatchewan: $9.50
Yukon: $9.00

What is interesting is that here in BC the wage is going to increase again very soon as apparently on May 12, 2012 they are going to increase the minimum wage to $10.25 an hour. I don’t think I have ever seen it increase so rapidly. It makes me wonder how this will affect everyone. Will it make people spend more for example? Are prices for items just going to skyrocket making the increase negligible?

I guess it’s definitely positive for any new people just entering the workplace. It must be quite an adjustment for large businesses though having to re-adjust rates for all those people that are at minimum wage.




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