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Unemployment Rate Spikes As Wage Subsidy Is Extended

Canada’s jobless rate soared to 13 per cent in April as 2 million Canadians lost their jobs.

According to Stats Canada that brings the total number of jobs lost due to the pandemic to 3 million. 

Some economists had predicted 4 million job losses and a rate of 18 per cent.

The last time it was that high was 1982 when the rate hit 13.1 per cent.

After getting a look at the new jobless numbers prime minister Justin Trudeau announced the Emergency Wage Subsidy Program is bring extended beyond June.

He says it’s an effort to kick start the struggling economy.

This is the first of the programs to be extended and pays up to 75 per cent of an employee’s wages if the employer keeps them on.

It covers up to $58.000 of the persons salary or $847 a week and is good for companies with any number of employees as well as charities and non profits.

This program has accounted for about half of the $150 billion dollars worth of programs enacted by the government in the past 2 months.

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