Based on the Consumer Price Index (CPI), which rose 6.8 per cent in 2022, the increase will help make life more affordable for the approximately 26,000 Canadian workers who earn less than the current rate, Xinhua news agency quoted the Employment and Social Development Canada as saying.
According to the release, federally regulated private-sector employers must adjust their payroll information with the new rate to ensure workers and interns are paid correctly as of April 1.
Where the provincial or territorial minimum wage rate is higher than the federal minimum wage, employers must apply the higher rate.
The federal minimum wage applies to the federally regulated private sectors, including banks, postal and courier services, and inter-provincial air, rail, road, and marine transportation, the statement said.
Every April 1, the federal minimum wage is adjusted based on Canada's CPI of the previous calendar year.
The first adjustment took place on April 1, 2022.
(IANS | Posted on 22 March 2023, 1695524680 44O192O254O173)