Canada’s unemployment rate hit a new record low in June 2022, according to a recent survey from Statistics Canada, with the majority of employment losses being experienced by self-employed individuals and workers aged 55 and older.
A low unemployment rate is indicative of a tight labour market, staff shortages, and is reflected in the “Help Wanted” signs in many businesses across the country. Despite the plethora of available job opportunities and businesses sharing complaints of a labour shortage, wages, including the mandated minimum wage, have failed to keep up with inflation and fall far short of enticing workers who are facing dramatic increases to their costs of living.
With fewer Canadians willing to work for subpar wages, employers have turned to immigrant workers to staff their businesses. To accommodate this perceived need for workers, the federal and provincial governments have been collaborating to not only increase the quantity of skilled foreign workers coming to the country, but to also create efficiencies to expedite the processing of immigration applications.
These new measures include a temporary work permit allocated to newly graduated international students that will allow them to stay in Canada after they have finished their studies. It will allow them to work and contribute to the Canadian economy, as well as increasing the number of permanent residence application decisions being processed and other policy changes.
Additionally, the Alberta government has recently loosened their restrictions on the Temporary Foreign Workers program as the province faces over 88,000 job vacancies. The program, which allows employers to fill job positions with foreign workers when a Canadian or permanent resident cannot be found, is intended to help fill the employment gap in response to the low unemployment rate and high job vacancy rate and in turn support the economy, even as most Canadians believe there is a looming recession to face.
Solutions for Canada’s Unemployment Woes
Unemployment or job loss is undoubtedly one of the toughest situations to be in. It is stressful to not know when you will find another job or receive another paycheque. This, coupled with rising costs and surmounting debt, can turn your life upside down. However, there are solutions. No matter how bad your circumstances, Allan Marshall & Associates have over 30 years of helping Canadians with their debt.
If you are feeling the blow of unemployment, or struggling with the rising costs of living on a minimum wage salary, discussing your situation with a Licenced Insolvency Trustee at Allan Marshall & Associates will provide you with options to put you on the right track.
