By Remitbee - Mar 3, 2022
2022 has undoubtedly bought new changes in Canada, one of which is good news, especially to the country’s workforce. Effective January 1, 2022, the Canadian government approved the increase in federal minimum wage up to $15 per hour. This increase, though not huge, is a great help, especially for the country’s minimum wage earners who are supporting themselves and their families with every dollar they earn.
Regarding this increase, Seamus O’ Regan Jr., the Minister of Labour, says, “Canada’s economic prosperity depends on every Canadian having a fair chance to succeed. The new $15 per hour federal minimum wage will support thousands of workers, lift more Canadians out of poverty, and support our economic recovery. It’s one of the many ways we are working to improve the quality of life of workers and their families across the country.”
While this sounds like good news to everyone, professionals see that the increase in the minimum wage in Canada can bring about unintended and painful consequences to the country and its people. For one, it may force businesses to reduce their job openings, lessen the working hours of their workers, and increase automation to continue their work productivity without spending too much on salary wages.
Aside from this, residents in Ontario are facing a new struggle, the rent increase to 1.2%. With the expected arrival of more immigrants as part of Canada’s Immigration Levels Plan for 2022 to 2024, the rental market is not likely to cool down anytime soon. This rent increase may not be true in all provinces in Canada.
Canada has a total of 13 provinces and territories. This 2022, here’s what you can expect to be your hourly minimum wage:
True, your salary may increase this year; however, the same goes for your living expenses. If you are an immigrant in Canada whose aim is to seek greener pastures and give your family the best possible life they can have either in Canada or in your hometown, you should seek the best remittance services. Choosing the best money sending service in Canada will reduce your expenses because it will give you the best currency exchange rates and minimal transfer fees.
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