The NDP says a 25-cent increase to bring Newfoundland and Labrador's minimum wage to $10.50, effective Thursday, doesn't address many people's financial struggles.

"[The] cost of living has been creeping up. And it's tough enough for people to get by, without actually falling behind, in terms of real dollars that they're bringing home, " NDP Leader Earle McCurdy said in an interview Wednesday.

McCurdy also called the increase, coupled with last October's 25-cent raise, "pretty measly".

Across the country, only British Columbia, at $10.45, and New Brunswick, at $10.30, have lower minimum wages.

The NDP wants the minimum wage adjusted annually, in line with the Consumer Price Index, a move at least seven other provinces and territories have already made.

The Consumer Price Index is a measure of how much certain goods and services change in cost over time.

A government review of the minimum wage several years ago recommended Newfoundland and Labrador adopt this standard.

A new review is supposed to launch in October, with an exact date to be determined.

But McCurdy isn't hopeful that review will lead to meaningful change.

"I think there's too much process, and not enough action, in terms of getting the minimum wage at a point where people got at least a fighting chance to try and to make a living with it, " McCurdy told CBC News.

McCurdy said the NDP will make minimum wage an issue during the upcoming provincial election.