The Ford administration announced that it will raise the minimum wage to $17.20 an hour starting October 1, 2024.

This increase of 65 cents (3.9 percent) compared to the current rate, which is $16.55 per hour, indicates an increase in inflation.

According to the province, wages for those working 40 hours a week at minimum wage will increase to $1,355 annually.

"By announcing an annual wage increase, we're giving businesses confidence while helping families keep up with the rising cost of living," Labor Secretary David Picchini said in a statement. The Ontario Living Wage Network estimates the minimum living wage in metropolitan Toronto to be around $25 an hour.

Rent and food inflation continue to drive up wage rates, with the largest increase in Ottawa at 12 percent.

Ontario's new minimum wage is the second highest in Canada after British Columbia at $17.40 an hour, according to the Ontario government.

Last week, the federal government announced that it would raise the minimum wage for federally regulated private sector workers to $17.30 an hour on April 1.

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