A new report today by Parliamentary Budget Office analyst Ben Segel-Brown estimates subsidizing wages for companies during the COVID-19 pandemic will cost $67.9 billion through the end of December.Segel-Brown says that figure was prudent at the time because of economic uncertainty and ongoing work to update the program's rules.
The Canada Emergency Wage Subsidy encourages employers to keep their workers on the payroll even as work slows because of the pandemic by offering to cover as much as 75 per cent of wages. The program was initially just for three months but it has since been extended and the amount of the subsidy now ranges from 10 per cent to 75 per cent depending on how much a company's revenues have dropped each month.
The report also expects another $500 million in foregone payroll contributions such as employment insurance, but the costs are offset by an expected $9.1 billion in corporate taxes on the wage subsidy.More than 285,000 employers have been approved for the subsidy as of Aug. 9, and Ottawa has paid out $26.5 billion to date. More than 800,000 employees have seen their wages subsidized.
The maximum weekly benefit in the first four months was $847. That amount will get smaller for most employers each month, until it hits $226 in November. Some companies whose revenues are most affected by the economic shutdowns can apply for a top-up that could increase the amount.
Perhaps this is why Trudeau isn’t happy with Morneau. He’s not using up all the money!
BoyerMichel What about contract workers who will be losing CERB? I know several families who cannot find jobs. We cannot hire either because of low sales. There are no jobs out there!
At least all that money will stay in the country and trickle up. But that’s not the case when magat con Nazis give it to their billionaire buddies to split with them (kickbacks). That’s why they are so mad about the we money which was never taxpayer money . All donations .
Surprise surprise ... Useless Bill made programs after smoking a fat hash pipe with Justin.
Might? Why bother having this job if you are too lazy to get the facts Seriously kid. Get a work ethic.
Look at this Blanche,, Today is full of good news,, The covid plague is 'for the birds' I say !!
Liberal doing a great job... even during the minivan-tuition theif's witch hunt
Finally some good news!
Well, if it isn't Billy 'I forgot I had a French Villa and I forgot to pay back $41,000 to WE which wasn't really a loan, it was a gift which as a public servant, I was not entitled to accept' Porno.
CTV going for another round of Poutines. it might not cost as much but it could potentially cost more as well.
Sooooo... Bankrupt but not too bankrupt? SMH
Why’s that? Did Trudeau give some of our stolen money back?
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