Canadian Unemployment Rate Expected to Rise by the End of 2020

Published by Kathy Newton March 28, 2020 Categorie(s): Latest News

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Canadian unemployment set to spike up by 10%

New statistics have shown that there is a chance of the Canadian unemployment rate rising to 15% by the end of 2020.

Due to the corona virus pandemic, a lot of businesses have been forced to shut down. For example, most countries on lock down have ordered the shutdown of non-essential services.

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Canadian Unemployment and the Country’s Economy

With most business on shutdown, the country is expected to lose over CA$ 110 billion by next year. Which is quite a set back considering that it is currently at just over 26 billion..

Currently, the unemployment rate sits at 5.6 %. But, according to experts, it is supposed to make a 10% rise to 15% hby the end of this year.

The problem also does not seem to be going anywhere anytime soon. On Friday 27 March, the Canadian budget officer, Yves Geroux produced a report. In the report, he went on to say that the current measure being put in place to stop the virus, including social distancing, will last till August.

Presently, the COVID 19 virus has claimed over 24 000 people. The total number of victims to the virus are over 540 000 worldwide.

Government to Introduce a 75 % Wage Subsidy

Initially, the Canadian government wanted to give out a 10% subsidy to the affected parties. But, after what seems like careful consideration, it has risen to 75%

Hence, the Canadian unemployment is just a number. Otherwise, people will continue to get paid even in the midst of the lock-down

Canada currently has .4 649 cases of COVID 19.but, 53 have succumbed to the virus will 255 have fully recovered from the pandemic.

Conclusion

There is no clearly date on when the isolation is going to end. The virus is still on the rise and until it can be contained, countries are forced to go on lock-down. However, the good part is that Canadian employees are set to still receive payment even at home.