The Ontario provincial government announced today that the minimum wage will be increased to $15 an hour by 2019. To put it into perspective, the rate is $11.40 as of 2017.
An owner of multiple McDonald's franchises stated the increase in wage rates does not bother him, as he will simply cut jobs and invest into more automated kiosks.
Do you think the minimum wage hike is beneficial or detrimental to the Ontario economy?
detrimental- if you have skills that are worth $11/hr you are locked out of the workforce and don't have a chance to work, add and improve your skillset and increase your market worth.
Also increases the asset value around you eg rent. See San Francisco
Heavily detrimental - the low income workers will actually suffer more due to this raise as the company will simply employ less people. It isn't like they are going to increase the amount of wages they pay, which is essentially the goal of the states/provinces that implement this.
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