Canada; #Finance; #IncreaseOfMaximumWageSubsidyRateTo75Percent; #CEWS; #2ndWaveOfCovi19;
Ottawa/Canadian-Media: Canada's Deputy Prime Minister and Minister of Finance, Chrystia Freeland, announced on Dec 18 the government's regulatory changes to raise the maximum wage subsidy rate to 75 percent for the period beginning Sunday, December 20, 2020, until March 13, 2021 to support workers and businesses through the tough months ahead during the second wave of the COVID-19 pandemic.
Chrystia Freeland. Image credit: Official
This flexibility of the Canada Emergency Wage Subsidy (CEWS), responsible for protecting more than 4 million jobs, since March has become targeted, allowing employers to access the maximum subsidy rate based on a single month’s revenue decline instead of three months’ decline.
The gives employers support that better reflects their current or evolving needs and will continue to support workers at businesses of every size, across Canada.
The government will monitor health and economic conditions to determine details for subsequent periods.