Dylan VanasFounder & 2x 8-Figure Entrepreneur Empowering Growth

Raising Minimum Wage in Canada Did NOTHING

Name: Raising Minimum Wage in Canada Did NOTHING
Uploaded: 2023-08-17T20:15:00+00:00
Duration: 34 s
Channel: Dylan Vanas
Description: Dylan Vanas argues Canada's minimum wage increases backfired: Tim Hortons cut benefits, firms squeezed by lower margins laid off workers or raised…

17 Aug 2023 · 1 min

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0:34

Dylan Vanas argues Canada's minimum wage increases backfired: Tim Hortons cut benefits, firms squeezed by lower margins laid off workers or raised prices, fueling inflation. His take: develop skills instead of waiting for wage hikes.

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Everyone rallying for minimum wage doesn't realize the impact of it. In Canada, they increased the minimum wage and Tim Hortons took away all the benefits. The money is going to come from somewhere. It's either going to be your colleague being laid off, your benefits being reduced, but there isn't just all this surplus of money. Companies have margins, they have profit margins. They have to hit those numbers. Because your hourly wage went up, they're not making more money, they're making less. They're going to have to increase their prices. It ends up making the coffee more money, and then you're going to pay for it on the other end, rather than us. Go through the cycle of you making more, losing your benefits, coffee prices going up, inflation happening and going over and over again. Let's just develop your skill set. If you want to make more money, go develop some real skills.