Strategies to Deal with the Hike in Minimum Wage.
This week’s Burlington Chamber eNewsletter included an insightful article by Hendrik Brakel Canadian Chamber of Commerce Senior Director, Economic, Financial & Tax Policy entitled, “The Explosive Debate Around Minimum Wage.
Big increases to minimum wage are becoming fashionable in Canada: first Alberta (from $12.20 currently to $15 in October 2018), then B.C. (from $10.35 to $11.35 in September 2017) and now Ontario (from $11.40 to $15.00 in January 2019, a 30% hike in 18 months). Are workers better off or does it mean fewer jobs?”
Business owners faced with the rising cost of labour have three options, absorb the added cost, raise prices, reduce use of labour. Brakel also points out two other options, both drastic in nature. Follow the link to read 5 Minutes for Business.
At The Art of Accounting, we are committed to providing useful information along with comprehensive services designed to help business owners stay ahead of the curve. Because if you’re behind it, it’s not much fun. Learn more about The Art of Accounting Team, conveniently located in Burlington, and contact us today!