The 2024 Living Wage BC report is out and the Living Wage in Nelson (and everywhere else in the survey) is higher than 2023 and, although the increase is less than last year, is still well above the minimum wage.
The biggest increases in Nelson are, not surprisingly, rent (7.9%) and food (3.4%), which are partly offset by reductions in other categories, but mainly non-MSP healthcare due to a change in methodology. See https://www.livingwagebc.ca/calculations2024 and https://policyalternatives.ca/publications/reports/working-living-wage-1 for more details.
Monthly living expenses for a family of 4 in Nelson, 2024
Although inflation has decreased from historic highs, cost increases for essentials continue to push up the living wage, which is calculated by the Nelson at its Best, Canadian Centre for Policy Alternatives, BC Office and Living Wage BC. It 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. However, it is calculated using a basic budget that does not include paying off debt, savings for the future or the cost of caring for a loved one.
The financial relief provided by government measures, such as affordable childcare programs and increases in income-tested benefits, was intended to help offset rising costs, but is outpaced by the rising cost of rent.
Although the minimum wage has also increased in 2024, it is still far below the living wage in Nelson.
BC Minimum wage vs Living wage
Learn more at https://www.livingwagebc.ca/what_is_living_wage
