Ontario's Financial Accountability Office is warning that the province's proposed minimum wage increase to $15.00 an hour could wind up resulting in an estimated net loss of 50,000 jobs.
In a report issued Tuesday, the watchdog said the losses would be concentrated among teens and young adults.
The FAO also cautioned that the provincial job losses could be even larger than it is forecasting.
The provincial government has proposed boosting the general minimum wage from the current rate of $11.40 per hour to $14.00 per hour on January 1, 2018 and $15.00 per hour the following year.
One official from the Canadian Federation of Independent Business said the watchdog's report supports the need for the province to back away from the proposed hike and to hold consultations.
