The Minimum Wage in British Columbia In 2023
Publié le 1 June 2023
There is a substantial increase in the minimum wage in British Columbia in 2023 taking place on June 1st, affecting working professionals in all industries across the province this year and beyond.
A major change to the minimum wage in British Columbia takes effect on June 1st, 2023. For minimum wage earners, the increase in take-home pay will be beneficial, although it is also a sign of the lasting effects of recent economic challenges facing the province.
What is the 2023 Minimum Wage in British Columbia?
Effective June 1st, the minimum wage in British Columbia is $16.75 per hour. This is a $1.10 total raise, and a 6.9% increase of the minimum wage from $15.65 per hour in 2022. BC now offers the highest 2023 minimum wage of any province in Canada – with only the Yukon territory offering a higher rate. British Columbia is now the third province or territory in Canada to offer a minimum wage of $16.00 or higher.
What Is The Average Salary In British Columbia?
The average hourly salary in British Columbia was $32.57 as of 2022. This means that one hour of minimum wage earnings is equal to 51.4% of the average hourly wage in British Columbia. It should be noted that the average hourly salary in specific industries and job sectors can vary wildly across the province. At the new BC 2023 minimum wage of $16.75 per hour, a person working 37.5 hours per week will earn approximately $30,150 before taxes over a 12-month period.
What Is the Living Wage in British Columbia?
A living wage is defined as the actual hourly wage or salary required for workers to meet the costs of living in specific cities, areas and communities. Cities will almost always have a higher living wage due to increased costs of living, while rural areas will offer a lower living wage. A recent report has found a range of living wages across British Columbia, from $24.08 per hour in Metro-Vancouver — the provincial capital — to $19.14 per hour in Kamloops in the provincial interior. The new 2023 minimum wage rate in BC is below the living wage in all areas of the province listed in the survey.
Does It Keep Pace With Consumer Price Index?
The consumer price index (CPI) is a widely used method to track the effects of inflation and other factors resulting in price changes for consumers. The provincial government has pledged to tie future minimum wage increases to the rising CPI. The CPI in British Columbia rose by 6.9% in 2022, which is the largest increase in 40 years, while the rate of inflation itself reached over 9%. The 2023 minimum wage increase is a result of this increase, and matches the CPI from the previous year but is still below the peak of inflation. Due to the fact the both the CPI and inflation have remained high, workers in BC are already paying increased costs not accounted for by the minimum wage increase.
The minimum wage in British Columbia in 2023 is $16.75 per hour, effective June 1st. This should provide additional income to thousands of workers throughout the province as they experience increased prices and higher costs of living.
