On Monday October 1, the minimum wage in Alberta increased from $13.60 per hour to $15 per hour.

The change in minimum wage means that over 300,000 people in Alberta will receive a raise today according to the 2018 Public Interest Alberta – Alberta Low Wage Report.

That means a higher living wage for the most vulnerable Albertans, but a higher minimum wage could result in hardships for small business owners.

The minimum wage is the lowest an employer can pay their employees by law. Alberta now has the highest minimum wage in Canada.

According to the Provincial Government, about 254,000 Albertans, or 11 per cent of all workers earn less than $15 per hour and nearly 40 per cent of them are parents.

Over 60 per cent of workers receiving a minimum wage are women.

A higher minimum wage can reduce poverty, usage of social services, and improve quality of life for vulnerable people.

Along with the minimum wage hike, small businesses will benefit from reduced small business tax rates from three to two per cent.

The Province has also introduced an Enhanced Innovation Voucher and Small/Medium Enterprises Support program, reinstated the Summer Temporary Employment Program, and introduced the Capital Investment Tax Credit to encourage investment and support job creation, among other programs created to spur investment.