We’ve been through tough economic times before, and we will again. While it never ceases to amaze me how everyone behaves as though this is the first time we have ever endured such a situation, it is reassuring to see that at least some of us are coming up with clever ways to adapt to the times.
It has always been that when the going gets tough, the tough get pink slips or wage cuts. However now we are seeing some creative solutions emerging to age-old problems, and I find this very encouraging.
Take for example, the actions the Quebec government has taken to assist with pension plans for some companies in danger of going bankrupt; or the education stipend available to those in Ontario wishing to upgrade their skills and go back to school after being let go from a sinking ship. Most recently I have read with interest about the work-sharing initiative launched by the federal government. It is designed to mitigate or prevent layoffs by allowing approved employers to reduce the hours of their workforce while they collect part of their wages through EI. Up until now it has been enforced in industries such as forestry and manufacturing whose employees were able to collect EI for up to 38 weeks. This is now being extended to one year as a part of Canada’s economic plan. I think it’s genius, and something I would hope to see many companies in Canada taking advantage of.
There are, of course, certain eligibility requirements that employers must make to participate in this program, which will be available to Canadian companies until April 2010. While it is estimated that this program could cost us in the neighbourhood of $200 million over the two years in which it is being implemented, if it is utilized effectively and by enough organizations it is going to help many Canadians keep their jobs, maintain employee morale and save money in retraining costs.
PHOTO: {Plim}
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