Economic Development Committee discusses minimum wage

The Chair also shared a detailed breakdown of the economic situation in Hastings, Prince Edward, particularly focusing on health and minimum wage. The cost of living in the community is $20.60 per hour, while the current minimum wage is $16.55 and will increase to $17.20 on October 1st. He highlighted that 48% of families in the Belleville area experience food insecurity, with food banks and the Food for Learning campaign playing crucial roles in the community.

Next, the Committee Chair mentioned an email received from [Canadian Federation of Independent Businesses] (CFIB) [an advocacy organization that lobbies on behalf of 97,000 privately owned business that has previously called a minimum wage increase “dumb policy“], stating that a $20 hourly living wage across each province would cost the Canadian economy an additional $44.9 billion and potentially put 600,000 small businesses at risk.

Reflecting on the statement, a committee member referenced a survey conducted in 2018 which indicated that the issue was not necessarily about the minimum wage itself but about the expectations of employees following wage increases. Employers in the region have had to become competitive, and many now operate above the minimum wage level. It was also noted that there are still some entry-level positions, but a significant number of jobs pay more than the minimum wage.

A brief discussion ensued regarding the data from Hastings. It was noted that CFIB often focuses on such issues and tends to highlight the economic impact of wage increases, emphasizing the need for a balanced approach. Overall, the updates and discussions provided valuable insights into local economic conditions, wage dynamics, and ongoing initiatives to support the community.