The size of your nest egg is dependent on how much time you give your money to compound. Flickr/Creative Commons

B.C. to increase minimum wage to $15.20/hour in 2021

Premier John Horgan says next increase will come in June

The B.C. government has announced the province’s minimum wage will go up to $15.20 an hour in 2021.

““People making minimum wage need to be able to pay rent and put food on the table. People working full time should not be fighting poverty,” Labour Minister Harry Bains told a news conference Thursday at a JJ Bean coffee shop in North Vancouver.” When Toronto raised its minimum wage to $14 an hour earlier this year, the company – which has a location in Toronto – did the same for its Vancouver staff.

The province’s move comes as a result of work done by the fair wages commission, set up last summer to plot out how to raise the minimum wage to $15 an hour, as part of the NDP’s campaign promises.

The commission’s report, released Thursday, recommended “frontloading” the wage hikes to take advantage of B.C.’s strong economy and low unemployment rate. It means the first increase will be the highest, with smaller raises each time until $15.20 is reached.

B.C.’s minimum wage is currently $11.35 an hour – the third highest in Canada.

The next hike will come in June to at least $12.65 an hour. That makes for an increase of $1.30 this year, and $1.20, $0.75 and $0.60 in the next three years.

Asked about how small businesses will cope, Horgan pointed to other savings the NDP has introduced in recent months.

“We’re moving to remove the PST on electricity for businesses… for those who are paying medical services premiums for their employees – that too has been cut in half,” he said.

“What the commission heard is that they want predictability and a time frame to make decisions, shape their human resource planning [and] their operations planning.”

The Canadian Federation of Independent Businesses doesn’t agree.

Richard Truscott, the vice-president of B.C. and Alberta operations, said government’s role should be to provide training and job growth opportunities for people trying to get by with low-skilled, minimum wage jobs.

“Small businesses typically operate in competitive markets on very thin margins,” Truscott said. “The $15 minimum wage may be great politics, but it is terrible economic policy.”

BC Green Party leader Andrew Weaver had protested about what he had called an “arbitrary” goal of raising the minimum wage to $15 an hour by 2021.

Now with the commission’s report, Weaver he said the plan will help “keep politics out of minimum wage discussions.”

Recommendations for a minimum wage for workers in hospitality, agriculture, resident care and live-in support will come in March. Another report on the discrepancy between the minimum wage and a “liveable wage” is set for later this year.

A liveable wage is considered one that accounts for housing, food, clothing, transportation, recreation, savings and education. The living wage in Metro Vancouver is $20.62 per hour.


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Disqualified Saanich soccer team disputes ruling

Saanich Fusion U15 girls alleged to have ineligible players

B.C. freestyle skier wins gold

Cassie Sharpe of Comox shines in the halfpipe

UPDATED: Emergency crews rescue pregnant woman from Mount Finlayson

Langford and Metchosin respond to roughly four-hour-long rescue

Victoria police pay special attention to domestic violence

Workshop for officers and others shows how domestic abuse trauma impacts for a long time

Peninsula speed skater has eyes on the podium at BC Winter Games

Tori Kalyniuk will have her Skittles ready before each race

Oak Bay skaters bound for BC Games in Kamloops

Saanich resident aims for second gold

Environmentalists call on Saanich to protect public waterfront

Local environmentalists are calling on Saanich to develop a strategy to stop… Continue reading

OLYMPIC ROUNDUP: Canada rounds out Day 11 earning gold in 2 more events

Comox Valley’s Cassie Sharpe and fan-favourites Tessa Virtue and Scott Moir all earned golds

Saanich Braves earn top awards heading into playoffs

MVP, Coach of Year lead Braves against Kerry Park Islanders starting Tuesday

Trudeau announces two-way $1 billion investment deal with India

Some of India’s biggest companies to invest more than $250 million in Canada in the coming years

As ‘Black Panther’ shows, inclusion pays at the box office

At the box office, inclusion is paying — and often, it’s paying off big time

Saanich council gives no credit to tax plan

Efforts by Coun. Fred Haynes to change the financing of municipal election… Continue reading

Washington senator wants B.C. to follow suit and phase out net-pen fish farms

An American ban will be less effective in the shared ecosystem of the Salish Sea, senator says

Virtue and Moir end ice dance careers with Olympic gold

Virtue and Moir’s gold medal win at the Olympics makes them the world’s most decorated figure skaters

Most Read