As a business owner, staying informed about upcoming changes to employment standards is important.
On October 1st, 2023, the general minimum wage in Ontario will increase from $15.50 to $ 16.55 per hour. This increase is tied to the Ontario Consumer Price Index for 2023. What it means for you, if you employ workers who are currently making minimum wage, is you will need to adjust their pay accordingly.
At VS Accounting, we understand that this increase in minimum wage can impact your bottom line. That’s why we’re here to help you plan ahead and minimize the impact on your business.
Here are some of the ways we can support you:
- Conduct a Wage Analysis: We can help you assess how the minimum wage increase will affect your payroll costs and create a plan to mitigate any negative impacts.
- Implement Payroll Software: We can provide you with payroll software that streamlines the process of adjusting wages and ensures compliance with employment standards.
- Provide HR Support: We can advise you on best practices for employee compensation and help you create a plan to communicate the wage increase to your staff.
We understand that every business is unique, and we work closely with our clients across a spectrum of industries to develop customized solutions that meet their specific needs. Our team of experts has years of experience in helping businesses navigate changes to employment standards and can provide you with the guidance you need to stay on top of these changes.
If you’re concerned about the upcoming minimum wage increase, don’t hesitate to reach out to us. We’re here to help you plan ahead and ensure that your business remains successful in the face of changing employment standards.
Contact us today to learn more about our services and how we can support your business.
📞705-475-0323 // 1-866-644-2944