Minimum Wage Increase to Kill 50,000 Jobs: FAO
TORONTO – Today the Financial Accountability Officer (FAO) released his economic assessment of the proposed minimum wage increase, raising greater concerns about the impact it will have on small businesses and the significant job losses that will be the result.
Ernie Hardeman, Oxford MPP, is concerned about the local impacts. “In Oxford County we have already lost a significant number of jobs to layoffs and plant closures,” said Hardeman. “According to this new report, proceeding with the government’s Bill 148 and the rapid timeline will result in thousands of job losses.”
The FAO, established in 2013, produces independent analysis to estimate the financial costs of proposed legislation. In their latest report, the FAO estimates the proposed wage increase will result in a loss of 50,000 jobs, and there is evidence to suggest the job losses could be even greater as businesses are faced with a larger and more rapid wage increase than they have seen before.
“This demonstrates why the PCs recommended looking at the cost and impact of the legislation. The Liberals and NDP voted against this cost benefit analysis, ignoring the thousands of hardworking Ontarians who will be impacted by these job losses,” Hardeman said. “I support a $15 minimum wage, but it has to be done in a time frame that businesses can handle to ensure that job losses aren’t the result.”
In addition to pushing the government to address concerns raised by small businesses and now the FAO, Hardeman is encouraging the community to Shop Local and Buy Local.
“I continue to push the government to address these problems, but until changes are made we can all help to support our local jobs and businesses by shopping local and buying local,” said Hardeman.
To read the full commentary from the FAO, visit: http://fao-on.org/en/Blog/Publications/minimum_wage
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For more information, contact:
Ernie Hardeman, MPP Oxford