On September 14th, the Greater Charlottetown Area Chamber of Commerce submitted its recommendations to the provincial Employment Standards Board’s Annual Minimum Wage Rate Review.
The submission noted that while PEI’s economy is performing well, local business owners face competitive disadvantages. For example, PEI has the second-highest small business tax rate, the highest corporate tax rate, and the second-highest Commercial property tax rate in the country. Add to this the highest minimum wage rate in the region and one may better understand why, despite recent economic growth, compounding costs are impacting employers’ ability to reinvest profits into their business and employees.
Recommendations to the Employment Standard Board included that government: announce the new minimum wage rate no later than six months prior to the scheduled increase; mandate future increases to minimum wage be tied to increases in the consumer price index; continue to increase basic personal tax exemption until it reaches the Canadian average and tie any further increases to the consumer price index; develop a long-term strategy for minimum wage.
Click here to access and download a copy of the submission.