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International Journal of Production Economics 72 (1): 1–13.

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The Nova Scotia government updates the minimum wage every April 1, using the previous year’s Consumer Price Index as a benchmark and adding an extra 1%.

Reiman: In the nearest term, this is creating a spreadsheet scramble for compensation professionals looking to identify nonexempt workers falling below the July 1, 2024, and January 1, 2025, thresholds.

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Holding everything constant, ignoring state and local income taxes and other taxes such as paying into unemployment or worker’s compensation funds, and assuming $40,000 in compensation as in Veliotis and Balsam (2022), the benefit to a company of independent contractor status would be the after-tax savings of the employer portion of the Social Security and Medicare taxes, which is $2,417 (see Table 1).

This scenario, he added, is driven by three key factors: rising provider costs, continued demand for high-cost drugs like glucagon-like peptide-1 (GLP-1) and increased behavioral health utilization.

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