Canada is increasing the minimum wage paid to employees in federally regulated sectors this spring, the government confirmed in a news release Friday.

Starting April 1, all workers with banks, airlines, rail companies, and more will make at least $17.75 per hour. That’s a 2.4 per cent increase from the current wage of $17.30.

“The federal minimum wage brings stability and certainty to Canadian workers and businesses alike and helps reduce income inequality across the board. Today’s increase brings us one step closer to building a more fair economy,” Canada’s minister of employment, workforce development and labour, Steven MacKinnon, said in a news release.

Employment and Social Development Canada said the increase will help workers and interns keep pace with the cost of living increases.

In provinces where the provincial minimum wage is higher than the federal minimum wage, the employer must pay the higher of the two.