According to the Bank of Canada, because of the forced wage hike there will be an estimated 60,000 fewer jobs available in Ontario by 2019. Not just that, businesses are beginning to do what businesses do: react to changes in the market. Both Pizza Hut and Subway — to name a few — notified their customers that prices would increase as a result of the minimum wage hike.
According to Aaron Aerts and Laura Jones of the Canadian Federation of Independent Business, “The negative impacts will ripple throughout the economy: layoffs, reduced hours and fewer opportunities for young workers; higher prices for consumers; increased automation; and reduced investment. Pretending these impacts don’t exist is fa-la-la-la-la economics.”
A survey by the Canadian Federation of Independent Business is reporting that over 50% of small businesses are going to be raising the price of products and services in response to the wage hike. Additionally, over 50% of small business employers have already made plans to not hire any new employees for the year, while over one quarter of small businesses will be reducing the amount of staff currently hired.
Canadian Province Increases Minimum Wage To $14/hr. Wanna Guess How Businesses Are Responding?
According to Aaron Aerts and Laura Jones of the Canadian Federation of Independent Business, “The negative impacts will ripple throughout the economy: layoffs, reduced hours and fewer opportunities for young workers; higher prices for consumers; increased automation; and reduced investment. Pretending these impacts don’t exist is fa-la-la-la-la economics.”
A survey by the Canadian Federation of Independent Business is reporting that over 50% of small businesses are going to be raising the price of products and services in response to the wage hike. Additionally, over 50% of small business employers have already made plans to not hire any new employees for the year, while over one quarter of small businesses will be reducing the amount of staff currently hired.
Canadian Province Increases Minimum Wage To $14/hr. Wanna Guess How Businesses Are Responding?
