Premier Christy Clark sure works fast as she announced today that B.C.’s minimum wage will be going up. Ultimately, by May 2012 the minimum wage will be $10.25. Expect an incremental hike of $0.75 to come this May. This will put us on par with Ontario.
Today’s minimum wage is $8/hr. The following is the phased roll out:
Now, at first glance everyone will celebrate but remember there will be consequences. For someone working in the restaurant industry this is great news. However, for the restaurateur this is not great news and expect some staff to be let go. Over the course of time most of this will correct itself.
We posed this question to twitter, “#Vancouver thoughts on the #minimumwage hike to 10.25 by May 2012?? Yay or Nay?” The response was overwhelmingly in favour. However, a few rational tweets were out as well. Here is a selection of those:
@thewhimgroup tweeted “Nay – everything else will go up”
@aottho tweeted “about time, and the right amount, gradual roll out will minimize pain on business.” but expect it to drive local prices and inflation higher, net result about same buying power for people.”
@jeremysball tweeted “as someone who used to serve, i like it. as someone who ran restaurants, this will kill the industry. expect higher costs.”
An increase was definitely due, however, the amount may be overwhelming to a lot of small businesses. We’ll see where the chips fall in this one.