Nearly a million workers across the province are about to see a nice little boost on their next paycheque, when Ontario’s minimum wage increases on October 1, 2024.
Currently, minimum wage in Ontario stands at $16.55, but will see a 3.9 per cent jump next month, bringing it to $17.20. The annualized wage increase is based on the Ontario Consumer Price Index, making the minimum wage here the second highest in Canada behind B.C., which currently stands at $17.40 an hour.
“Under the leadership of Premier Ford, our government is helping nearly one million workers earn more money for themselves and their families,” said David Piccini, Minister of Labour, Immigration, Training and Skills Development.
“We are providing businesses with certainty and predictability by announcing this annual wage increase six months in advance, while also helping families offset the rising cost of living, so that Ontario continues to be the best place to live, work and raise a family.”
The last increase happened a year ago in October 2023, increasing by 6.8 per cent to $16.55 from $15.50.
In 2023, 935,600 workers across the province were earning at or below $17.20, with the majority of those working in accommodation and food services.
Minimum wage employees working full-time 40-hour work weeks will receive an overall $1355 increase, with their annual income coming to $35,766 before tax.
Despite having the country’s second highest minimum wage, an annual salary of $35,766 is not nearly enough to keep up with the rising cost of living in Toronto.
To live comfortably in the city, average residents need to earn anywhere between $61,654 – $83,680 annually, according to this study by the Wellesley Institute.