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Updated October 13, 2020

Minimum Wage and Price of Basic Living

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Minimum Wage and Price of Basic Living essay
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Why minimum wage should not be raised, although many minimum wage job are filled by students and every student would love to be making more money when you look at the other side of people work full time and have to get degrees to get their jobs and only be making $2.00 more then someone in a part-time job working at a Tim Hortons with no student debt to pay off,many people who are going to school for 5 year and come out with $30,000 in debt will not see the point when they will have this debt to pay off and they are only making $2.00 more, yes they will have a degree that will not really help them when they have to pay bills and make mortgage payment.

Furthermore with a higher minimum wage the price of basic living are going to go up so more business will have shorter hours for the staff because they can’t afford to keep paying them and eventually they will have to close because business will no longer be able to afford to keep as many staff so more people will lose their jobs. which means yes your minimum wage jobs will be paying you more, but with the increase of living and business closures the economy will be still in the same problem it started with people have large amount of debt.

With a higher minimum wage the price of basic living will cost more when you look at the price of eggs back in 2016 they only costed $1.68 (countrysidenetwork) and now after the canadian government raised the minimum wage,they now cost $3.07(statista ). If you look at Quebec they only pay $13.85 and they pay the cheapest insurance premiums in Canada. A 2011 study found that Quebec driver’s pay an average of only $642 a year for auto insurance as well have the lowest college tuition rate in canada full-time Quebec students are only paying $3,500 Per year where other student $6,100 per year (.ontariocolleges.ca). Yes Ontatons are getting paid more but we are also the most expensive province to live in.

The only people that will benefit from a higher minimum wage are people working part-time at a fast food place without student debt, when students will go to school for 5 years and come out with $26,000+ of student debt and would only be making $2.00 more then someone who went to school. Many people will stop going to school for a degree and PhD when they could go to Tim Hortons and be feather financially ahead then people going to school. For example if you have a student debt of $26,000 and it takes you 9.5 years to repay your loan with your interest being 3.5% = you would have to make $301 payments per month, and with most jobs paying bi-weekly (average pay being $51,000) 51,000/26=1,961.53 (https://careers.workopolis.com) and your net income would be $1515.17 bi-weekly.

If they was your monthly budget for a year and where never able to save money you would have $4,471.92, with still but people who go to school are still going to be in debt.

Furthermore, business will have shorter hours for the staff because they can\’t afford to keep paying them and eventually they will have to close because business will no longer be able to afford to keep as many staff so more people will lose their jobs. which means yes your minimum wage jobs will be paying you more, but with the increase of living and business closures the economy will be still in the same problem it started with people have large amount of debt.

References

  1. https://www.ontario.ca/document/your-guide-employment-standards-act-0/minimum-wage#section-3(2019)
  2. https://theprovince.com/news/canada/ontario-government-to-halt-minimum-wage-hike-set-to-kick-in-next-year/wcm/568167dd-6934-4fdf-93f2-49d214ec9d9d(2019)
  3. https:/en.wikipedia.org/wiki/Higher_education_in_Quebec(2019)
  4. https://www.marketwatch.com/story/raising-fast-food-hourly-wages-to-15-would-raise-prices-by-4-study-finds-2015-07-28(2019)
  5. https://www.theglobeandmail.com/report-on-business/rob-commentary/the-ripple-effect-of-ontarios-minimum-wage-increase/article38017258/(2019)
  6. https://www.ontariocolleges.ca/en/colleges/paying-for-college(2019)
  7. https://www.cbc.ca/news/canada/ottawa/university-student-debt-photo-essay-1.4305589(2019)
  8. https://countrysidenetwork.com/daily/poultry/eggs-meat/dozen-eggs-price-update/.(2019)
  9. https://www.statista.com/statistics/443642/average-retail-price-for-eggs-in-canada/.(2019)

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