The Vancouver government recently increased the minimum wage from CAD 16.75 per hour to CAD 25.68 per hour, a 6% increase from last year.That is, if you are an employee of a company that comes under the minimum wage criteria, then you can get a lot of money from the company this year.
Canada Center officials set rates for employees and paid them higher compensation amounts according to their jobs. If you’re working a full-time job, part-time job, hourly basis, flat rate, and other jobs, this minimum wage increase in Vancouver will provide enough income support to keep up with inflation.
Consumer price index and inflation have a major contribution to this increase and new rates have been fixed accordingly.
What Do You Know About Living Wage Climb to CAD 25.68?
The living wage continues to climb in Vancouver, meaning millions of families are struggling to make ends meet, according to a recent report.
The latest report shows that one-third of two-parent families in Metro Vancouver do not earn a living wage due to the CAD 25.68 per hour increase in the minimum wage in Vancouver and that is up nearly 6% from last year.
Due to the increase in minimum wage rates, people are finding themselves much closer to the minimum amount that employers pay for their working hours. That means you will not get enough income from your wages to meet your expenses.
When minimum wage was implemented, most families felt relieved from the financial burden. They can now earn a higher amount that will keep them in line with inflation to manage the cost of living. Many working families struggle to make ends meet due to a lack of financial support.
Will the Minimum Wage Increase Affect Workers in Vancouver?
This is a positive way for the Vancouver government to increase the minimum wage rate somewhat.
Almost lakhs of working families will benefit from getting some big amount from their workplace and they can use this amount to fulfil their needs. This minimum wage increase can improve the standard of workers and also give them a stable income to reduce their financial burden.
Due to the rising cost of living and inflation rates, people in Vancouver have had to make regular adjustments to the minimum wage to keep up with these economic changes.
However, the minimum wage increase would go a long way in giving Vancouver workers at least the amount set by the government. Through this, a working family can avoid this inflation and also meet the basic needs required to run their family.
