A rise in minimum wage, particularly in Ontario and Alberta, could see the loss of 60,000 jobs by 2019.
That’s according to a new report by the Bank of Canada.
Other models show a wider range of results, from as little as 30,000 to as many as 136,000 jobs lost.
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On Jan. 1, Ontario’s minimum wage rose to $14 an hour, which is up from $11.60, and by the end of 2018 that will become $15 an hour.
Likewise, Alberta is on its way to $15 an hour with lesser hikes seen in other provinces.
You can also expect further fallout from the wage costs as retailers and restaurateurs are expected to pass on some of those wage hikes to consumers, as some of them may not be able to afford price hikes, which will negatively affect Canada’s GDP.
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