BC’s living wage is revealed and it’s how much you need to earn for a basic life
The living wage in British Columbia just went up and if you live in Metro Vancouver it’s now $5 more than the rest of the province.
Metro Vancouver’s living wage is $20.52 an hour, which is well above BC’s minimum wage of $15.20, the equivalent of an annual salary of $37,346.
A report by Living Wage for Families BC. found the living wage by calculating the hourly amount that each of the two parents who work with two young children must earn to meet their basic expenses.
Anastasia French, organizer of Living Wage for Families BC, said “the reality is that a number of families across BC are earning less than a living wage and are struggling to make ends meet with rising the cost of living, in particular the cost of housing”.
Salary is based on what it takes to cover basic expenses like rent, food, childcare, and transportation.
Family spending like this in Metro Vancouver and Victoria rose 7% and 6.8% respectively, according to the report, which is higher than the general inflation rate (4.7%) over the course of the year. of the same period.
The annual report provided the living wage amount for 14 BC communities
According to the findings of this report, in Metro Vancouver, two full-time working parents are going to have to earn at least $5.32 more than the hourly minimum wage just to live a basic lifestyle.
The report says they estimate a 7% increase in the cost of living in Metro Vancouver since 2019. Housing alone has increased by 8.6% over the past two years.