It was recently announced that Kathleen Wynne, the current Premier of Ontario, plans to heighten Ontario’s minimum wage amount to $15.00 by the year 2019. The current minimum wage amount is $11.40, therefore increasing the amount to fifteen dollars is a rather significant jump.
This wage escalation has sparked a lot of discussion across Ontario and furthermore Canada, and it is important to consider why such discussion is occurring. Some persons are arguing that this increase is a positive thing and will benefit the working class, others are arguing the opposite.
From my own understanding of the matter, and in my own personal opinion, I believe that this increase will cause more harm than good amongst Ontario residents. On one hand, the average individual will benefit from this increase and will achieve a significantly higher yearly income. However, I think if minimum wage in the province is heightened to fifteen dollars, it will become even more difficult for young individuals and students to find work because employers will likely gravitate towards those with more experience if they are having to pay employees more.
It is also arguable that an increase in minimum wage will cause all other expenses to rise in the province, however some persons are arguing that inflation is inevitable.
What concerns me the most about this wage rise is how it will impact small business owners. Large scale corporations and companies will encounter setbacks with having to increase their wages, though not nearly to the same extent as small business owners. Boosting minimum wage will significantly hinder the success of small, local businesses as employers will struggle to financially compensate for their employees while simultaneously supporting themselves and expanding their own businesses. I fear that this increase will diminish the popularity and prosperity of small business owners and in doing so will allow for corporate operations to dominate in contemporary society.
I am unsure of what will happen with Wynne’s proposition, but I personally feel as though it will not work out in her favour.