Ontario projects a balanced budget for 2017–18

Ontario projects a balanced budget for 2017–18

India Blooms News Service | @indiablooms | 09 Sep 2017

Toronto, Sep 9 (IBNS): With an increase in employment in Ontario by 31,100 in August, the second straight month of job growth, Ontario continued to project a balanced budget for 2017–18, unchanged from the 2017 Budget forecast, the newly released 2017-18 First Quarter Finances report said.

The unemployment rate fell to 5.7 percent, the lowest level since January 2001.

A balanced budget ensures Ontarians will continue to receive benefits from expanded services with more assistance with everyday costs, including cost of pharmacare for children and youth under OHIP+, providing electricity cost relief, and helping 100,000 more children access affordable, and quality licensed child care.

According to reports, employment in 2017 is forecast to increase by 94,000 net new jobs. In 2016, Ontario employment increased by 76,400 net new jobs.

The first eight months of 2017 projected a spike in Employment in Ontario by 107,200 -- due partly through sectors such as finance, insurance, real estate, rental and leasing, information, culture and recreation and transporting and warehousing -- compared to the first eight months of 2016.

Consequently, Ontario’s unemployment rate has dropped below the national average for 29 consecutive months.

Media reports quoted Brad Duguid, Minister of Economic Development and Growth as saying, “Our government is working hard to build upon the strong employment growth we’ve already seen this summer, but there is more to do. We are working hard to continue the positive momentum by creating an economic environment that allows the private sector to create good jobs that are the backbone of future economic growth."

Ontario’s strong economic drive has prompted it to take quick action to create more opportunity and security for workers with a plan for Fair Workplaces and Better Jobs, including increase in the minimum wage, ensuring part-time workers’ hourly wage are same as those of full-time workers, introduction of paid sick days for every worker and speeding up implementation of employment laws.

(Reporting by Asha Bajaj)

Image: Brad Duguid/Facebook

 

Ontario projects a balanced budget for 2017–18

India Blooms News Service
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