The government believes the worst of the economic harm from the pandemic is behind the country.
OTTAWA — Nearly two million Canadians could be without jobs this year under forecasts released by the federal government in its long-awaited “fiscal snapshot.”
And should the country be hit with a second wave of the novel coronavirus during the annual flu season, the ensuing lockdowns would cause what the Finance Department describes as a”deeper and longer-lasting negative impact on the economy.” The $2,000-a-month benefit is estimated to have covered the monthly housing, food, phone and internet costs for the bottom and middle thirds of households, according to Finance Department calculations.
Those who fall through the COVID-19 financial safety net are expected to be caught by the employment insurance system that has been largely dormant since the CERB replaced it in late March.Government officials admit there will still need to be policy changes to the EI system to help some self-employed workers qualify, and capture EI-eligible workers who, due to the pandemic, haven’t been able to work the necessary qualifying hours.
Although that’s an improvement from the record-high unemployment rate of 13.7 per cent in May for a labour force of just over 19 million, it is still much worse than than the record low of 5.5 per cent pre-pandemic.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Massive deficit to be revealed today begins new era of debt for CanadaNo other major advanced economy tracked by the IMF is expected to record a larger one-year fiscal swing
Read more »
Massive deficit to be revealed today begins new era of debt for CanadaNo other major advanced economy tracked by the IMF is expected to record a larger one-year fiscal swing
Read more »
Travellers to N.S. from outside Atlantic Canada now required to fill out tracking formStarting Tuesday, all adults who live outside Atlantic Canada are required to complete a self-declaration form before travelling to Nova Scotia.
Read more »
Netflix Canada in July 2020: What's new this month - Macleans.caJaime Weinman’s rundown of all the new shows and movies worth checking out this July on Netflix in Canada
Read more »
Morning Update: Morneau expected to reveal federal deficit in excess of $300-billionThe fiscal deficit projection raises concerns about how the government plans to phase out heavy pandemic spending that has allowed the deficit to grow more than tenfold in seven months
Read more »