Canada has always been on the top list of trending nations with the highest employment rate. The three primary industries of Canada, known as the Service, Manufacturing, and Natural Resource Industry, work together as an engine and shape its growth.
Successfully, 75% of the Canadian population are into service industries such as transportation, health care, education, banking, retail, and communications.
Despite that, Covid-19 came with the storm of unemployment, as per the Canadian government official site 213000 households are the rough number of people who lost their jobs in January 2021 itself.
Canada was at the 14th position worldwide with a 74.4% employment rate, whereas the unemployment rate rose from 0.6% to 9.4% within the last six months.
How severely covid-19 affect employment?
January 2021 likely to be a good start for all yet highly active provinces such as Ontario, Quebec, Newfoundland, and Labrador are facing a massive downfall in the employment rate for the past one month.
Conference Board of Canada employment figures show a decline of 153500 jobs in Ontario, 97900 totaled job loss in Quebec, and 2770 losses in Newfoundland and Labrador emerged in January still other provinces employment rates anticipated to be raise in January.
Travel, Tourism, education, retail, restaurants, and convention industries are the hardest hits by the virus spread. The daily loss of companies is unbearable, and there is more troubled water ahead in terms of recovery.
Covid-19 has negatively affected the labor market for both women and men. Youngsters aged between 14 to 25 years, unmarried folks, married people with no child, old age, or less educated individuals aged 55 and above have experienced a higher reduction in hours, job loss, and low wages than others.
International students and workers have trouble paying the rents, college fees, job loss, low hours, and low wages. Due to job loss and the slow job market, many international students and workers went back to their home countries, and many of them stopped applying for new jobs until the job market recovers.
Government measures to minimize the loss
75% of Canada's population growth derives from immigration. The contribution of immigrants during the pandemic in all sectors is highly appreciated.
However, the shortfall of employment, working hours, and global travel restrictions place some crucial labor market gaps. To overcome those gaps and post-covid-19 recovery, IRCC introduced a new 2021-2023 Immigration Levels plans.
Immigration and Economic Growth
Reimbursing the shortfall, the Canadian Government announced the 2021-2023 immigration level plans on October 30, 2020, aiming to keep welcoming new Immigrants at a rate of about 1% of the Canadian population includes 401000 permanent residents in 2021,411000 in 2022 and 421000 in 2023.
Introducing additional points for French speakers in Express Entry to promote French speaker communities outside Canada.
Focusing on Canada's economic growth, the Immigration level plan includes 60% of economic class admissions.
Introducing Economic Mobility pathways Project welcoming 500 qualified refugees over the next two years for permanent residency applications.
January 8, 2021 Government announced an extension in the Post Graduate work permit up to 18 months for the workers waiting for the permanent residency and on the verge of expiring their work permit.
Growth Schemes for industry Sectors and Public support
Canada's Emergency wage subsidy program anticipates saving 4 million public jobs until the program offers 75 percent of a wage subsidy and guaranteed interest-free loans to all small industry owners and other affected employment sectors.
Canada Recovery Benefit program provides income support to individuals who have lost their jobs or have reduced hours by 50%.
Remote and work from home options are keep changing the employment scenario. IT industry, administrator, operators, management jobs are still high in demand.
The critical sectors such as health care, grocery stores, and deliveries are always accepting new applications and are increasing the work hours and wages as a token of appreciation for frontline workers.
The delivery and online goods markets have flourished and expect to increase shortly. The restaurant and mobile food industry have the potential to raise the living bar of students, workers who lost their jobs and are in debt.
As per the Students and workers, non-residential accommodation global market 2021 report, the multinational companies are rearranging their operations in the domestic market, which would flourish the employment rate and compound the economy's annual growth rate.
Another hand, the recovery rate of coronavirus cases on February 10, 2021, is 750709, which is a good sign as per the new cases recorded to the date. The government is working on getting and circulating vaccines at a free cost to all the citizens. As per the new Covid-19 impact and recovery report by Globe Newswire, Labor Market will be getting ready for its recovery and expect to be raised by 10% in the upcoming year.
With all moving back to normal slowly, there's hope for the unemployment situation in Canada to be improved.
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