Oh, hi again. Today, we are diving into how Ontario’s new pay transparency law is a big win for your financial planning. Let’s get into it.

If you’ve ever clicked on a job posting, scrolled all the way down and still had no idea what it paid, Ontario has some good news for you.

As of Jan. 1, new rules under the province’s Working for Workers Act mean many employers can no longer keep salaries a mystery. Companies with at least 25 employees now have to include a salary range or hourly wage in job postings, and that range can’t be wider than $50,000. Employers also have to let candidates know whether they got the job within 45 days of an interview.

Employment lawyers are still debating how enforceable the new rules will be. But in a job market this tough, the change is still a meaningful win, and one that could make financial planning a little easier.

“This should help people with their long-term financial planning by giving them a true sense of their future income earning ability,” said Jason Heath, managing director of Objective Financial Partners. For young people in particular, he said, it can help with big decisions like which career path to choose or which city they can realistically afford to live in.

That matters, especially as younger workers face one of the most brutal job markets in years.

The changes can also benefit people who are already working, said Louisa Benedicto, senior vice-president at recruitment agency Hays.

Seeing posted pay ranges gives employees a clearer picture of what other companies are offering for similar roles, she said, which is information that can help them negotiate a raise or decide whether it’s worth switching jobs.

It can also be useful for people thinking about upskilling. If a role pays more because it requires a certain certification or technical skill, workers can see whether the extra effort is likely to pay off. “I see it as a big win for people,” Benedicto said.

Salary transparency also helps those considering a career change but unsure what pay looks like in a new industry, she said. “A lot of people are stagnant, they’re looking to earn more, and they’re thinking about career moves,” she said, but without clear salary information, it’s hard to know whether a switch would actually move the needle.

There is one big catch: the law only applies to public job postings, Benedicto said. Employers are not required to share salary ranges internally, meaning workers may still have to do some digging when it comes to their own roles.