Yeah riiiiight.
That's too high to move to from our current rate in anything less than two years.
Let's not forget that the bottom rising has inflationary implications on all salaries above the minimum rate. Minimum goes up 2$, I have to almost immediately raise my employees' salary by same as it must remain relatively competitive.
Anyway, still don't know why Uncle Doug's government froze increases. What a fool's choice that is. Any future increases will by necessity have to be that much higher.
eeeeeedioooots
The inflationary impact is a lot less than you think.
Its there........but because a large chunk of workers, who make vastly more, it doesn't really trigger knock-on wage increases for much of the work force.
Even if it did, the % increase in pay would be a lot less for higher wage workers.
Also, labour cost is a relatively small portion of most goods impacted by minimum wage.
For example, a typical casual/fast food resto will have labour costs ~20-25% of the cost of your food combo.
So if you raise minimum wage by, say, 30%; you're not causing the combo to rise 30%; the cost increase is 7.5% or up to 15% if there's a pass-through mark-up.
But the biggest chunk of most people's bills are housing. The impact of minimum wage on housing/rent price is negligible.
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I'm not suggesting a $5 raise in one year, but you could easily do $1.50 each year for the next 4 years without serious consequence.
Keep in mind, our peer-Cities are NYC and SF among others, which already have $15USD minimum wages, roughly $19CAD++
And Seattle is over $16USD or up in the vicinity of $21 CAD.
