Sunday, May 15, 2011

Increased Minimum Wage

The minimum wage used to be $8 an hour. However, on May 1st the minimum wage has been increased to $8.75. Half a year later, the minimum wage will increase to $9.50, and be $10.25 by May 2012. The $6 training wage has also been eliminated.

Since they raised the price of minimum wage, employers will have a tendency to higher less employees to cover how much more they have to pay for their current employees. Which means it will be harder for unemployed people to find jobs. Teenagers and young adults will have a hard time finding jobs where they can use to gain experience. This puts a dent on the chances of them getting full-time jobs due to lack of experience. Also, due to wage increase, the employer would have to raise their product by a bit to cover their lost. This is a problem for the unemployed.

http://www2.news.gov.bc.ca/news_releases_2009-2013/2011PREM0019-000267.htm

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