Less than a year ago, I read an article by the Global News about raising the minimum wage to $15 an hour. Among with many others, I wanted this raise. As a Vancouverite, the costs of living in Vancouver are incredibly high, which makes it difficult for many of the minimum wage workers to make a living.
A campaign for the BC Federation of Labour. Photo: fightfor15bc
On the other hand, thinking from a company’s point of view, I disagree with the increase of the minimum wage. Although many companies think that their employees deserve more than minimum wage, they can’t afford it financially. Companies would have to fire workers or reduce their hours as outlined in Isabella Yuan’s blog. This raise would hurt teenagers the most, since they would be laid off first. As a teenager, I would rather work $10.45 than to not have a job. Also to make up for the increased wages, companies would have to increase their price of their products. With every 10% increase on wages, there is a 25% decrease in sales of the products. Overall, I believe that raising the minimum wage to $15 will not only better match the cost of living, but it could also hurt job creation; therefore I would rather minimum wage stay the same.
Employees wanting the minimum wage to increase to $15/hour, but after taxes, the wage still barely matches the cost of living. Photo: Columbia University
Work Cited
Edition, The Early. “Minimum Wage Increases Are ‘supercharging’ Economy, Says U.S. Multimillionaire – British Columbia – CBC News.” CBCnews. CBC/Radio Canada, 23 June 2015. Web. 03 Oct. 2015.
Gollom, Mark. “Why the Minimum Wage ‘Fight for $15’ May Be the Wrong Battle.” CBCnews. CBC/Radio Canada, 03 Aug. 2015. Web. 03 Oct. 2015.
“Minimum Wage Rises in 5 Provinces Today.” CBCnews. N.p., 01 Oct. 2015. Web. 03 Oct. 2015.
“Raise Minimum Wage in B.C. to $15 an Hour: B.C. Labour.” Global News Raise Minimum Wage in BC to 15 an Hour BC Labour. N.p., 25 Nov. 2014. Web. 03 Oct. 2015.
“The Day After $15: New Minimum Wage Would Bring Nightmare Scenario to Canada, Critics Say.” Financial Post The Day After 15 New Minimum Wage Would Bring Nightmare Scenario to Canada Criticssay Comments. N.p., n.d. Web. 03 Oct. 2015.