Heres the deets. Where I live they plan on implementing two wage increases. This may or may not be a very bad thing.
So the Ontario Goverment decided they want a wage increase in the month of October, 2018 and a second one January, 2019. The Liberal government's legislation includes equal pay for part-time workers, increased vacation entitlements and expanded personal emergency leave, but the centrepiece is an increase in the minimum wage. It is currently set to rise from $11.60 so we will have to wait until the end of next year to really see what's going on.
I don't think I am for this increase for the simple reason of the amount of jobs the people will lose. Officials and agencies are predicting around 50,000 loss jobs and seeing as the population of Ontario is only approximately 14 million, 50, 000 loss job is a pretty big number.
Karl Baldauf of the Ontario Chamber of Commerce said "Small businesses have tighter margins than large businesses, but that being said, large businesses will accommodate this type of hit in a way that will be detrimental to jobs, in a way that will be detrimental to economic growth in this province, and I can't understand how any provincial government would want to enable that to take place."
Metro Inc. estimates the wage increase will cost about $45 million to $50 million next year and Loblaw Companies Ltd. (TSX:L) has estimated a $190-million hit next year from higher minimum wages in Ontario and Alberta. So I guess I we can do is play the waiting game and wait for everything that costs us money to go through the roof! :)
Have a great week, Steemites!