Our new illustrious premier has just announced she is raising the minimum wage by $2.25 an hour over the next year.
Our new illustrious premier has just announced she is raising the minimum wage by $2.25 an hour over the next year.
I wouldn't pay $0.25 for a Big Mac before so the answer is no. What is the minimum wage now in BC.
$8 an hour, going up to $10.25 in three increments.
Big Macs are made out of animal lips.
That's not bad. Timmy's hires here at $14/hour and it obviously isn't driving customers away.
Yeah, but that's Timmy's with a solid base clientelle earning a good wage and having a lot of job security.
Uh! I think you missed an unsavory part or two.Big Macs are made out of animal lips.
Can you point me to a website or something that shows the income and job security of customers to these two establishments?
We should try to keep this on topic but for your own interest you could check the vehicles parked outside the establishments.
I have no intention of taking this off topic. You said that Timmy's customers have more job security and higher paying jobs. I'm wondering if you have evidence to back it up. The type of vehicle people drive has nothing to do with income and job security and everything to do with the value people place on their ride.
We had the same thing here in Ontario, I believe over a 2 or 3 year period (can't remember exactly). As far as I can tell, it has not adversely affected the cost of a Big Mac or anything else. Can't say whether or not the average minimum age worker has seen a reduction in hours though as an offset to the higher hourly wage.$8 an hour, going up to $10.25 in three increments.
If you do some math, $8/hr * 40 hrs = $320/week, $10.25/hr * 40 hrs = $410/week, that is an increase of $90/week per employee. If you are operating a business where your employees are creating returns of less than $90/week ($2.25/hr worked) you may want to rethink your business skills and maybe go get a job at Mcdonalds.
The min wage increase translates to about 22% increase in wage costs but wages are on average about 50% of total overhead so this is an increase in total overhead of about 11%. If you take the average business model with an ROI (return on investment) of 35% you have a loss in profitability of (35%*11%) 3.85%. Any increases in pricing of more than 3.85% will actually increase profitability of businesses. Keep this in mind when all these corporations start claiming they have to insitute major price increases to remain in operation.
I personally think that a company such as Mcdonalds with a net profit last year in BC of about $50million could stand to give up that 3.85% ($1,925,000) and still be happy but we will see what happens.
Mickey D's may not notice the increase but hundreds of small businesses around the province sure will.
BTW, there is a great game going on right now between the Leafs and Hurricanes - Leafs ahead by 2 in the third.
Our new illustrious premier has just announced she is raising the minimum wage by $2.25 an hour over the next year.