A new report from the Atlantic Provinces Economic Council showing Prince Edward Island’s recent wage growth as the strongest in Canada is a further sign of continued economic growth, says Workforce and Advanced Learning Minister Richard Brown.
“During the first five months of 2015, Prince Edward Island recorded wage growth of 3.8 per cent, which is more than was seen in any province during this time,” said Minister Brown. “This improvement in wages means that the quality of life for Islanders as whole is increasing. With wages growing more quickly than the Consumer Price Index, Islanders’ earnings have more buying power.”
The APEC report singles out improved wages in finance and manufacturing as contributing to the increased wages levels. There has also been an improvement in the wages paid to entry-level workers in recent years.
The legislated minimum wage on Prince Edward Island has increased from $6.80 per hour in 2005 to $10.50 per hour as of July 1, 2015.
“This month Statistics Canada reported that the average hourly wage on Prince Edward Island had passed $20 per hour for the first time ever,” said Minister Brown. “It is great news that wages in the province are going up more quickly than the CPI because that means conditions are improving for Island households.”