Creating Jobs for Today and for Tomorrow
Ontario to Introduce New $2.5-billion Jobs Fund to Help Grow the Economy
Premier Kathleen Wynne unveiled several new initiatives today which will help grow Ontario's economy, foster competitiveness and innovation and create jobs.
In a speech at the Empire Club in Toronto, Premier Wynne announced that the government plans to introduce a new 10-year, $2.5-billion Jobs and Prosperity Fund as part of its comprehensive plan for creating jobs and growing the economy. The fund would help Ontario compete to attract new business and form partnerships to secure investments that would result in economic growth, innovation and jobs.
To assist young people in finding meaningful employment, the government also announced it will extend the Youth Employment Fund through to September 2015, for one additional summer. Part of Ontario's Youth Jobs Strategy, the fund has already helped more than 11,500 young people find job opportunities.
Premier Wynne also reiterated that Ontario is moving forward with a new Ontario Retirement Pension Plan to provide people with more money for their retirement.
Investing in a more secure future for people across the province is part of the government's economic plan. The comprehensive plan and its six priorities focus on Ontario's greatest strengths - its people and strategic partnerships.
- The Jobs and Prosperity Fund will support the recommendations of the Jobs and Prosperity Council to bolster innovation, increase productivity and increase Ontario’s reach in the global market.
- Support would target key sectors such as advanced manufacturing, agri-food and agri-products and information and communications technology.
- The fund includes $40 million annually to help the broader agri-food sector meet the Premier’s challenge to double its annual growth rate and create 120,000 new jobs by 2020.
- Since 2009, the marginal effective tax rate on new business investment in Ontario has been cut in half, making the province significantly more attractive for business investment.
- Earlier today, Ontario announced it plans to commit up to $1 billion to support development in the Ring of Fire. Ontario needs a partner and is calling on the federal government to equally match Ontario's funding to build the infrastructure required for this important project in the north that will create jobs and boost the northern economy.
- Last week, Ontario announced a partnership with OpenText that will help create up to 1,200 new jobs and support another 1,200 existing jobs in the province.
“In a highly competitive world, we have to work actively to help create the conditions for companies and people to succeed both now and in the future. We want to build on our momentum and move forward with a balanced approach to growing the economy and creating more jobs.”
“The Jobs and Prosperity Fund will help secure investments to boost Ontario’s economy and create good jobs. By promoting a dynamic business climate supported by competitive taxes, highly skilled workers and improvements to modern infrastructure, Ontario continues to compete globally and attract business investments.”
“Ontario's business climate and our best-in-the-world workforce help us attract investment to Ontario from all over the world. Ontarians expect us to do everything we can to stay competitive and create jobs. This new fund will help us attract even more investment in this highly competitive global economy, creating more jobs for people in communities right across Ontario.”