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Increasing the Minimum Wage in Ontario (pdf)

   

Added on  2021-04-21

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Mechanical Engineering
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Running head: MINIMUM WAGE INCREASE IN ONTARIO Minimum Wage Increase in OntarioName of the StudentName of the UniversityAuthor Note
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MINIMUM WAGE INCREASE IN ONTARIO 1Table of ContentsOverview....................................................................................................................................2Research Analysis......................................................................................................................2Conclusion..................................................................................................................................4Bibliography...............................................................................................................................6
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MINIMUM WAGE INCREASE IN ONTARIO 2Overview The economic regulatory policies, monetary as well as fiscal ones, taken by thegoverning authorities of a country, have considerable implications on the population of thecountry, the implications having the chance of being positive as well as negative. Keepingthis aspect of the economic policies into account, the concerned report tries to discuss andanalyse the effects of the minimum wage hike policy, which has been implemented inOntario, Canada, in the recent periods. The minimum wage of Ontario, which has been at amoderate standard of $11.60 an hour in the last few years, have been hiked considerably bythe governing authorities, amounting to $14 per hour per worker, as has been announced on1st January, 2018. The minimum wage rate in Ontario is also expected to rise to $15 per hourper worker in the succeeding year1. This wage hike has brought considerable implications onthe labour market as a whole, the implications being both negative as well as positive and thehike in the minimum wage of the region is expected to have effected not only the workers butalso the employers operating commercial organizations in this region2. The considerableimplications of this decision and the gravity of the situation in the overall business scenarioof Ontario, is identified and discussed in the concerned report. Research Analysis The increase in the minimum wage in Ontario has on one hand is expected to haveincreased the welfare of the workers, especially those belonging to the lowest paid cartel ofthe work force, consisting of the marginalised workers. The hike in the minimum wage isalso expected to benefit those workers who are not categorically the lowest paid ones3. They1 Mahboubi, Parisa. 2018. "The Ripple Effect Of Ontario’S Minimum-Wage Increase".The Globe And Mail.https://www.theglobeandmail.com/report-on-business/rob-commentary/the-ripple-effect-of-ontarios-minimum-wage-increase/article38017258/.2 In.reuters.com. 2018. "Minimum Wage Hike Has Rocky Start In Canada's Ontario Province".IN.https://in.reuters.com/article/us-canada-wages-ontario/minimum-wage-hike-has-rocky-start-in-canadas-ontario-province-idINKBN1EX2CN.3 Meer, Jonathan, and Jeremy West. "Effects of the minimum wage on employment dynamics."Journal ofHuman Resources(2015).
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