Trudeau's Election Win and What This Means for Businesses

The Prime Minister of Canada, Justin Trudeau, has won the parliamentary elections. Still, his attempt pf winning a majority of seats failed, and the results were similar to what they were two years back. The Liberals did manage to win most seats of any party. They won 156 seats, one less than they won in 2019 and 14 less than 170, a number that's needed to get a majority in the House of Commons. Here's what Trudeau's election win means for businesses.

What Does Trudeau's Election Win Mean for Businesses?

The Canadian businesses might not benefit from Trudeau's election win because during the Labor Day Campaign, he had courted employees with promises of better support measures and more tax credits. He pledged to extend the Canada Recovery Hiring Programme till March 31, 2022. Doing so will entice more employees back to the workplace. He also promised to expand the Canada Workers Benefit to support one million more employees who are working in low-wage jobs. He also wants to increase benefits for the most vulnerable citizens of Canada.

Ø  Paid Sick Leave

The Liberals promised that they would offer salary bumps for support workers. They also said that they would ensure that all federal employees got 10 days paid sick leave. The pledges were coupled with a huge investment of $9 billion in training and wage implementation.

Ø  Labour Mobility Tax Credit

The PM also promised that his government would bring a new Labour Mobility Tax Credit, which would allow workers who work in construction trades and building to "deduct up to $4,000 in eligible expenses when they need to travel or temporarily relocate for a job."

Ø  Incentives

The government also pledged that they would double the annual budget for Union Training and Innovation Program to reach $50 million. To help address the labor shortage, Trudeau will open more avenues to ensure the seamless entry of talented workers' into Canada.

Targeted incentives for low-income workers and seniors might also be provided. There might be a hike in the support for Canadians who enter the trade sectors and for reskilling programs.

Ø  Investing in Gig Workers/ Self-Employed People

The government might also start a better Employment Insurance system for gig workers and self-employed people. It might also look into underrepresented groups to help create a more vibrant and diverse workforce.

Ø  Restoring Jobs

In August, the Prime Minister shared that he would restore one million jobs by providing employment benefits. These jobs were lost last year only.

Ø  Vaccine Passport

Different provinces in the country have begun mandating businesses to require proof of vaccination for their customers and employees. The government also planned to allay the fears of private organizations as they might need to fire unvaccinated employees. The government will ensure that such businesses do not face any legal issues if they have to fire unvaccinated employees.

Previously, Trudeau had stated that his government would not force people to get vaccinated against COVID-19, but they will "limit the privileges" of individuals who are reluctant to get the jab.

Here's what Liberals have promised for the third term.

Read about the Canadian economic performance here.

-by Shruti , CNS Canadian News Source


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