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Minimum wage hikes across Canada this year could cost about 60,000 jobs by 2019, the Bank of Canada says in a new report.
READ BANK OF CANADA REPORT HERE
As of Jan. 1, Ontario’s minimum wage is now $14 an hour.
Alberta, Quebec and Prince Edward Island are also expected to hike their minimum wages by the end of 2018.
CBC reports that economists and business leaders have differing opinions on the issue.
Some say higher wages will strengthen the economy and fight income inequality, while others say there will be a heavy toll on the job market.
In one of the models the bank uses, Canada’s economy could have roughly 60,000 fewer jobs by 2019, reported the CBC.
However, other models illustrated results ranging from 30,000 to 136,000 jobs lost.
