BC Minimum Wage

BC Minimum Wage

The BC minimum wage is currently at $12.65. This figure recently increased on June 1, 2018 from $11.35 to the current point. This accounts for a $1.30 increase in our minimum wage. The wage hike was made on the recommendations of the Fair Wages commission and is largely attributed to the new NDP government which is planning on increasing our minimum wage to $15 in the near future.

Future Wages

This wage hike has only been the first out of four annual increases. The BC minimum wage will rise to $15.20 by June 2021. 

Who It Affects

In BC, 93,700 people rely on minimum wage. 57% of these people are youth aged 15-24. 55% are living with their parents. 43% work part-time. 12% are aged 55 or older. And 8% are the head of their family.

Who It Affects

It may seem like the minimum wage hike will benefit teenagers, but in reality, it will help out those who need it the most.

Living on Minimum

Monthly income on minimum wage for one person working full time: $1967

Monthly average expenses: $2283

Total income after expenses: $316

Rent: $1107, Food: $762, Transportation: $365, Utilities: $150

Impact

The minimum wage will leave a positive impact among minimum wage workers. They may now more comfortably get by with a near 50% increase in wages. However, there is an impact to such a hike. Restaurants and other service industries will face tougher times as there is a current labour shortage. They will need to take employees who have more competitive dispositions and attitudes for the increase in wage.

Who Pays?

As wages increase, there will be an influx of unemployment as companies struggle to provide higher wages. They will want more experienced workers and try their best to offset the value exchange in employment.