OTTAWA, March 29, 2012 /CNW/ - The federal government will need to work very closely with the restaurant industry -- which handles 18 million customer transactions a day -- to implement its plan to eliminate the penny.
"To many it may seem easy to just round transactions up or down, but there will be some challenges for the restaurant industry, which handles 18 million transactions a day and many of them in cash," says Garth Whyte, President and CEO of the Canadian Restaurant and Foodservices Association (CRFA). "There may be short term penny pain for long term gain - we must get the transition right."
Finance officials have promised they will work with CRFA to counter the inevitable hassle and confusion for consumers and employees.
As is often the case when government announces what appears to be a simple solution, there will be major transitional challenges for restaurateurs, such as reprogramming cash registers, pricing, and employee training issues.
"We will have to work very closely and very quickly with the government and our members to meet the fall deadline," says Whyte.
Canada's $63-billion restaurant industry is the country's fourth-largest private-sector employer with more than one million direct jobs, and is the number one source of first jobs.
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