Doug Ford’s government is promising to hike Ontario’s minimum wage by 50 cents come early fall if his party is reelected in June.
In an effort to appease voters frustrated with rising consumer prices, the Ontario Progressive Conservative government said it would hike the minimum wage from $15 per hour to $15.50 per hour, coming into effect in October. Ontario’s minimum wage was initially set to jump from $14 per hour to $15 per hour in 2019, but the premier cancelled the increase shortly after the election over fears it would become too expensive for businesses.
However, the economic effects of Covid-19 forced the Ford government to re-evaluate the wage freeze, and raise minimum hourly pay to $15 after all in January 2022. “Things were a lot different back in 2018,” Ford said, as cited by CTV News. Affordability has become a hot topic among Canadians, and a key issue ahead of Ontario’s election this summer. The province’s Liberal Party is promising to raise wages to $16 per hour by next year, in addition to 10 paid sick days if elected. The NDP is even more ambitious, committing to also hike pay to $16 by October, followed by incremental increases to $20 per hour by 2026.
According to a report published by the Ontario Living Wage Network in 2021, Canadians living in Toronto need to earn a minimum of $22.08 per hour in order to afford basic necessitates such as food, shelter, transportation, clothing, and child care.
Information for this briefing was found via CTV News and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.