The Government of Ontario has recently announced an increase in the general minimum wage, which is set to take effect on October 1, 2023. This increase will raise the minimum wage from $15.50 per hour to $16.55 per hour, resulting in a 6.8% pay increase for workers who earn the minimum wage.
Impact of Minimum Wage Increase
The increase in minimum wage will have a significant impact on Ontario’s workforce. Workers who earn the general minimum wage and work 40 hours per week will see an annual pay increase of nearly $2,200. While this increase is welcome news for employees, it will have financial implications for employers, who will need to find ways to manage this increase in labor costs.
How Employers Can Prepare
This content aims to offer practical tips to employers on how they can prepare for the minimum wage increase and ensure compliance with the new provincial legislation:
In conclusion, the upcoming increase in Ontario's minimum wage will affect both employers and employees. To ensure compliance with the new legislation, employers should take proactive steps, such as reviewing their employment contracts, payroll practices, communicating the change to their employees, and consulting with legal professionals. At Sicotte Guilbault, our experienced team can assist you in navigating the complex legal landscape and help you stay up to date with employment standards legislation.