Minimum wage rises in 5 provinces today
On October 1st, minimum wage rises in 5 provinces in Canada, this benefits thousands of workers in these provinces.
Raising the minimum wage has both pros and cons. It helps stimulate economy, if the workers get higher wages, they are able to spend more. Also, it creates more opportunities for jobs, if the workers are spending more, the businesses are earning more, and therefore they need to hire more employees to keep up with the increased sales. On the other hand, employers might raise prices of their product in order to generate enough income to support their more highly paid minimum wage employees.
To me, this sounds quite reasonable, because prices of everything are also increasing today. Minimum wage should try to catch up with the cost of living. When people earn more, their living standards will increase.
