(Reuters) – Ontario’s Progressive Conservative government stated Tuesday it would raise the minimum hourly wage by 50 Canadian Cents starting October. It is the second such increase for the largest province in Canada.

If the pay increase is approved by the provincial legislature it would raise the minimum wage to C$15.50 per hour (or $124.11) starting October 1, almost four months following the June 2 elections in Ontario. This would result in a C$1,768 increase annually for workers earning minimum wages who work 40 hour weeks.

Doug Ford, Ontario premier, said that wages are not keeping up with rising living costs, which makes it difficult for many Ontarians to meet their financial obligations.

January 1, 2015, the minimum hourly wage in the Province rose from C$14.35 to $C15.

Canada has seen inflation rise to an unprecedented level over the past 30 years. On Monday, a Bank of Canada survey revealed that Canada’s businesses are expecting inflation to remain at or above the bank’s target range of 1 to 3 percent for the next 2 years.

Ford’s government which is likely to win the re-election election has announced several measures that are intended to lower living costs in Ontario.

Monday’s legislation by the government to cut taxes on fuel and gas was introduced. It would be effective after the June election if it is approved by Congress.

In recent weeks, Ontario removed some tolls from highways and abolished vehicle renewal fees. Ford also increased the foreign buyer real estate speculation tax from 15% to 20%

($1 = 1.2490 Canadian dollars)