Ontario Minimum Wage

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Ontario Minimum Wage Name of Student Name of Affiliate Institution Introduction The economic problem described in the paper is the hiking of the threshold wage for the workers by the government in installments. The least wage is supposed to be hiked up to $15 per hour. The increase in the wage is a motivating factor for the employees but the economic factors should be considered in case the remuneration is to be increased by any percentage (Lee 2012). This paper criticises the hiking of the minimum wage. The firm in context has committed to raising the minimum wage for its workers but as an economist, the step is not feasible. The minimum wage for the workers is set by analysis of several factors in the region and the micro-environment in which the worker is delivering the services. The theory which best suits the discussion is the economic theory of minimum wage. The theory argues that the least wage payable to workers is proportional to the monetary impacts of the government policies and federal regulations. The minimum wage affects the income of the nation and its citizens (Lee 2012). The least payable wage should be able to maintain the standard of living of the citizens and minimize the national debts. The minimum wage should have more positive effects than the negative impacts. The body The Ontario’s firm should not raise the wages for the workers as the government requested. The current minimum wage for the workers is $11.40. The wage is supposed to be hiked up to $15. The increase is $3.6 per hour. In terms of the percentage, the increase is 31.6%. The increase in the base pay will lead to the retrenchment of 50,000 labourers. This shows that

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