Workers to get $16 per hour by fall next year
Prince Edward Island will increase the minimum wage rate in the province twice in 2024.
From the current $15 per hour rate, the wage will be bumped up to $15.40 per hour on April 1. It will then be pushed up to $16 per hour on Oct. 1, 2024.
“The province accepted the annual minimum wage recommendations of the Employment Standards Board,” said the PEI government.
PEI increased its minimum pay rate to $15 just at the start of this month.
The province announced the increases for next year just as many Canadians are struggling with their finances. Overall, 37% of Canadians are financially stressed, a 20% jump from last year, finds the National Payroll Institute’s (NPI) Annual Survey of Working Canadians. And among those financially stressed, 66% are living paycheque to paycheque and 50% are overwhelmed by their debt.
However, one stakeholder is questioning whether the pay bump could be increased.
“Why not just make the minimum wage $16.00 on April 1 2024[?] Then on October 1 2024, make it 16.50,” said Margaret Keizer, project manager at Royal Canadian Air Force 5 Wing, via LinkedIn. “Unfortunately nobody can predict the cost of living for the 2024 time frame.”
Another survey from Eckler noted that PEI is among the top provinces when it comes to the amount of salary increases next year.
