Increasing minimum wage tough on small business in PEI
Small businesses already face higher payroll taxes, higher electricity rates and tremendous economic uncertainty - yet another increase in minimum wage will make an already tough job even harder.
Small business owners aim to offer competitive wages that will help them attract and retain good staff. However, large jumps in the minimum wage force small businesses to find ways to offset the impact of higher costs by cutting back on employee hours, laying-off current staff or putting future hiring plans on hold, reducing training, and/or raising prices.
In consultations with the PEI government, CFIB has made it clear that aggressive minimum wage increases will have unintended consequences that hinder economic growth.
CFIB has advocated for more effective policies from the government which work for both employee and employer. We remain committed to finding sustainable solutions that strengthen our economy and create new opportunities here in Prince Edward Island.
