Some budget planning information for the upcoming two years. Any business with employees at or near minimum wage will be impacted by the Province of Manitoba’s recent announcement.
Earlier this spring, in recognition of exceptionally high inflation, the Manitoba government passed amendments to the Employment Standards Code to increase the minimum wage above the rate of inflation.
Following consultations with the labour and business communities, the provincial hourly minimum wage will increase to $13.50 from $11.95 on Oct. 1, 2022. Additionally, the province intends a further increase of 65 cents on April 1, 2023, that will raise the minimum wage to $14.15 per hour. With the expected consumer price index increase for 2022, the next indexed adjustment will bring Manitoba’s minimum wage to around $15 for Oct. 1, 2023
The government indicated, increases to the minimum wage could create pressure on Manitoba’s small businesses. To help reduce this risk, the Manitoba government will be consulting with the industry on support programs to help adjust to higher payroll costs. No details on what this would be were released along with the announcement.
Greg Libbrecht and the team at Platinum Business Services