1. Please discuss the following excerpt from a recent news article in SwiftCurrentOnline.com article. Highlight the key economic principles that are in the article.
The government of Saskatchewan announced today that, for the 12th time in the last 13 years, they will be increasing the province's minimum wage. As of October 1, the minimum hourly wage will be $11.45. "We have established sustainable and predictable minimum wage increases," Labour Relations and Workplace Safety Minister Don Morgan said. "This helps families plan ahead and creates an environment for new workers to enter the workforce." The province said they calculate their minimum wage using an indexation formula. This formula takes into account changes to the Consumer Price Index and the average hourly wage in Saskatchewan. According to the Retail Council of Canada, Saskatchewan currently has the lowest minimum hourly wage of any province at $11.32. The rise to $11.45 will still leave it as the lowest among the provinces. The highest minimum wage in Canada is $15.00 in Alberta, followed by British Columbia at $14.60.