Minister O’Regan Visits New Brunswick Community College to Highlight Government Support for Students, Apprentices and Youth Employment
SAINT JOHN, NB, November 10, 2022 /CNW/ – In the recent Fall Economic Statement 2022, the government of Canada outlined its plan to continue its sound stewardship of the economy and be there for Canadians. To help families cope with rising costs, such as rising prices at checkout. The Government is providing targeted support to Canadians who need it most, including: doubling the GST credit for 11 million eligible Canadians; improving the Canada Workers Benefit to support 4.2 million Canadians; and make federal student and apprentice loans permanently interest-free for today’s and tomorrow’s graduates.
Today, Minister of Labour, Seamus O’Regan Jr.spoke with students and faculty at New Brunswick Community College in Saint Jean to highlight the government’s support for students and apprentices with its plan to permanently eliminate interest on federal student loans and apprentice loans, double the Canada Student Grant and help young people gain valuable work experience .
With life becoming more and more expensive for many recent graduates, the government is taking new, permanent steps to reduce the student loan burden on young Canadians so they can invest in building their future. The 2022 Fall Economic Statement proposes to make the federal portion of all Canada Student Loans and Canada Apprentice Loans permanently interest-free, including those currently being repaid.
The permanent elimination of interest on federal student loans will directly benefit students and apprentice borrowers who have left school and are currently repaying their loans, as well as post-secondary students with federal loans who will begin repaying in the future. .
To further support students, the government is also proposing to double the Canada Student Grant to provide up to $6,000 per year up to July 2023.
In addition, investments in the Youth Employment and Skills Strategy will help young Canadians succeed in the job market after leaving school. This will create jobs, some of which will directly benefit First Nations youth, as well as comprehensive supports for youth facing barriers to employment.
The Canadian economy faces global headwinds from a position of fundamental strength: an unemployment rate near a record low – more than 500,000 more Canadians are working today than before the pandemic – growth strongest economy in the G7 this year, a triple-A credit rating, and the lowest net debt and deficit-to-GDP ratios in the G7. Canadians must be confident that we will overcome all obstacles and prosper in the days ahead.
“We want young people in this country to focus on getting the training they need to get a good job. We want them to focus on jump-starting their careers and saving for their future. So we make it easy for them.”
Seamus O’Regan Jr.minister of labor
The federal government’s fiscal anchor — the unwinding of COVID-19-related deficits and the reduction in the federal debt-to-GDP ratio over the medium term — remains unchanged. The federal debt-to-GDP ratio is expected to decline continuously and follow a steeper downward path than projected in Budget 2022.
Most of the beneficiaries will be Canada Student Loan borrowers, 61% of whom are women. A minority will be apprentice loan borrowers, 93% of whom are men. About 63% of all Canada Student Loan recipients are under the age of 35.
New measures proposed in the Fall Economic Statement 2022 to understand:
1. Make life more affordable:
Permanent elimination of interest on federal student and apprentice loans;
Create a new quarterly Canada Workers Benefit with automatic advance payments to put more money in the pockets of our lowest-paid workers, sooner;
Delivering on key pillars of the government’s plan to make housing more affordable, including creating a new Tax-Free Home Savings Account, doubling the first-time home buyers’ tax credit and ensuring that buyers of goods pay their fair share; and,
Reduce credit card transaction fees for small businesses.
2. Invest in jobs for young Canadians:
As part of the Youth Employment and Skills Strategy, we are introducing measures that will help young Canadians gain valuable work experience, preparing them for a life of success in the labor market.
Invest $301.4 million over the next two years to provide comprehensive support and job placements for youth facing barriers to employment.
More $400 million for approximately 70,000 Canada Summer Jobs.
Support work placements for First Nations youth with another $100.2 million as part of the First Nations Youth Employment Strategy pilot program on income assistance
SOURCE Employment and Social Development Canada
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