With the minimum wage in BC previously the lowest in the country at $8.00 an hour (with a training wage of $6.00), the Clark government has introduced a minimum wage raise from $8.00 an hour to $10.25 an hour by May 1st, 2012. This is effective towards the economy as it raises the amount put into the economy however not effective in terms of business.
Because of the raise in minimum wage, the average wage in BC should increase just to balance out the minimum wage increase. This means that there would be an increase in operational costs for a business. In the future, it should balance out however in present times, there would be a hiring freeze in effect due to the fact that businesses need to be able to cope with increased operational costs. With that said, eventually the money should trickle back down to businesses, making it more beneficial in the long run.
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