CFIB analysis shows BC min wage on path to rise 3.3 times faster than inflation between 2005 and 2021; Call for impact analysis to be made public prior to further increases.
VANCOUVER, June 7, 2018 – Following on the heels of the June 1st $1.30 increase to the provincial minimum wage as the first step toward $15.20 an hour by 2021, the Canadian Federation of Independent Business (CFIB) today is challenging the BC Government to publicly release economic impact analysis on this aggressive new policy direction.
The CFIB also called for an immediate halt to any further increases until the Government can show it has done its homework about the effect on employment and the economy.
New data released by the CFIB clearly shows the minimum wage is on an unsustainable path in BC, increasing 3.3 times faster than inflation over the period 2005 to 2021.
“Big hikes in the cost of entry-level jobs over the past few years have put a growing number of small businesses in a big squeeze. This steep and costly trajectory defies economic logic and simply cannot continue without a growing number of independent businesses getting squashed”, stated Richard Truscott, Vice-President, BC and Alberta.