If you're a B.C. business with 10 full-time employees, increasing the minimum wage to $15 will cost you an extra $75,920 annually.
Even more shocking: this number does not include additional payroll taxes, such as pension plans, Employment Insurance and Workers' Compensation. And let it be noted this is just the additional cost from increasing the current minimum wage (as of September 2017) $11.35 to $15/hr.
What we asked the commission for
On November 23, 2017, our legislative team presented your priorities on minimum wage to the Fair Wages Commission; a government appointed commission tasked with determining how soon B.C. should adapt a $15 minimum wage. We also made a formal submission outlining the consequences sudden minimum wage hikes have on small businesses, as well as mitigating options.
Some of our recommendations include:
- Set a longer phase-in for small businesses to adapt;
- Refund the WorkSafeBC over-funded position;
- Eliminate PST paid on machinery and equipment;
- Legislate minimum wage with fixed increases tied to inflation to keep out political interference.
The Fair Wages Commission will be submitting their final recommendations to the province any day now. Keep your eyes open – we’ll let you know when the changes are announced, and what they’ll mean for you and your business!