A new report from TD Bank suggests that a $15 an hour minimum wage could cost the Ontario economy up to 90,000 jobs by 2020.Raising the minimum wage can potentially generate more benefits to society than costs but the rapid speed of implementation will increase the negative hit to employment.
The findings come in an economic analysis released today by the bank that says that despite the job losses, Ontario’s economy will continue to grow but at a slower rate of 0.5 per cent annually.
The new report comes two weeks after the province’s economic watchdog, the Financial Accountability Office, estimated more than 50,000 people could lose their jobs due to the minimum wage increase.
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