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

Good fencing makes good neighbours— especially when your neighbours are bears

Workshop in Pass Creek this weekend to promote benefits of proper protection for livestock

Kootenay region posts 10-per-cent return rate on electoral reform ballots

As of Nov. 13, only 5.3 per cent of ballots had been returned province-wide

Nakusp Secondary School hosts day of remembrance

Event honoured Indigenous contributions to Canada’s war efforts

Remembering a century at the Nakusp Cenotaph

Nakusp joined the rest of Canada in honouring 100 years since the end of the First World War

B.C. Legions in need of young members to continue aiding veterans into the future

Lest we forget what thousands of men and women did to fight for Canada’s freedoms – but without new membership, many Legion chapters face dwindling numbers

People flocking to Vancouver Island city to see hundreds of sea lions

Each year the combination of Steller and California sea lions take over Cowichan Bay

Roy Clark, country singer, ‘Hee Haw’ star, has died

Guitar virtuoso died because of complications from pneumonia at home in Tulsa, Okla. He was 85.

Lack of funding, culture on campus biggest barriers for Indigenous students: report

Report based on nearly 300 responses found lack of support at post-secondary schools a big concern

Tinder sex assault suspect charged; additional alleged victims sought

Vincent Noseworthy of Alberta is accused of aggravated sexual assault, unlawful confinement and more

Drug-related deaths double for B.C. youth in care, advocate says

Teens say positive connections with adults key to recovery

Children’s strawberry-flavoured medicines recalled due to faulty safety cap

Three different acetaminophen syrups part of nationwide recall

Around the BCHL: Junior A cities to host World Junior tuneup games

Around the BCHL is a look at what’s happening in the league and around the junior A world.

International students hit hard by B.C. tuition fee hikes

Campaign seeks regulatory controls be imposed on post-secondary institutions

Selkirk College nursing students visit Honduran migrants

Students were overwhelmed by migrants’ hope in the face of poverty and displacement

Most Read