A sharp spike in the region’s cost of living— driven by soaring housing costs, has pushed the 2024 Squamish living wage to $26.76 per hour – a $1.63 or 6.5 percent increase from last year, according to a press release issued by Squamish Community Foundation.
“This underscores the region’s ongoing affordability crisis, as a stark gap of $9.36 exists between the living wage and BC’s current minimum wage of $17.40 per hour,” the foundation said. “Although inflation has decreased from historic highs, cost increases for essentials continue, leaving many residents struggling to make ends meet. The financial relief provided by government measures intended to help offset rising costs, such as affordable childcare programs and increases in income-tested benefits, is outpaced by the rising cost of rent.”
Housing costs for the Squamish living wage family increased by 14.28% this year— an additional $374 monthly. Notably, housing costs for the Metro Vancouver living wage family increased by 9.5% this year—or an extra $276 per month, less than the Squamish increase.
“Rent has been the most expensive item in the living wage family budget since the calculation was first produced, and this year is no exception,” says Iglika Ivanova, Canadian Centre for Policy Alternatives, BC Office senior economist and the report’s lead author.
The Living Wage is the hourly rate that each of two parents working full-time must earn to support a family of four based on the actual costs of living in a particular community. Across BC, one in three people earns less than this critical threshold, putting them at risk of severe financial stress. “Hundreds of thousands of BC workers earn less than the living wage and face impossible choices like buy groceries or heat the house, keep up with bills or pay the rent on time.” says Anastasia French, Provincial Manager of Living Wage BC. “Racialized workers and women are disproportionately affected by low wages in a region where the cost of living keeps climbing.” While the living wage calculation focuses on two-parent families with young children, it is intended to support all workers. It aims to ensure that young adults are not discouraged from having children due to financial barriers, and that older workers have sufficient income as they age.
“The living wage affords a decent, but modest, standard of living without the extras many of us take for granted. It does not cover credit card, loan or other debt payments, retirement savings or children’s future education or the costs of caring for a disabled, seriously ill or elderly family member.” Karen Clarke of the Squamish Community Foundation. Regardless of where they live, BC residents should be able to afford their basic needs and a decent quality of life, she added.
Currently over 450 employers, including many small businesses, 10 municipalities, three First Nation Councils and three school boards across the province are certified living wage employers. “Squamish Nation has been a proud Living Wage Employer since July 2020. Being a Living Wage employer helps us show that we value our employees by ensuring they earn enough to care for their families and build a strong and healthy Squamish Nation community. We strongly encourage all other employers in the community to join us in becoming a Living Wage Employer,” said Deborah Baker (ancestral name K’ana), Councillor with Squamish Nation.
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