On January 1, the Canadian province of Ontario raised its minimum wage from $11.60/hour to $14/hour. How are businesses responding? Probably exactly how you would expect.
According to the Bank of Canada, because of the forced wage hike there will be an estimated 60,000 fewer jobs available in Ontario by 2019. Not just that, businesses are beginning to do what businesses do: react to changes in the market. Both Pizza Hut and Subway — to name a few — notified their customers that prices would increase as a result of the minimum wage hike
According to Aaron Aerts and Laura Jones of the Canadian Federation of Independent Business, “The negative impacts will ripple throughout the economy: layoffs, reduced hours and fewer opportunities for young workers; higher prices for consumers; increased automation; and reduced investment. Pretending these impacts don’t exist is fa-la-la-la-la economics.” – READ MORE
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