An immigrant-centric economic recovery should be Canada’s top priority as the country starts on the path to post-COVID-19 financial goals.
The need to focus on foreign workers was highlighted in a recent economic survey conducted by the World Education Services (WES). Conducted in June, the WES research tested 1,800 permanent residents, temporary workers, and international students in Canada. The main objective of the study was to understand the impact of the coronavirus pandemic on the country’s economic health, especially when it comes to employment opportunities.
WES boasts being one of the renowned providers of Educational Credential Assessments (ECAs). The agency plays a critical role as ECAs are used to prove that foreign workers’ education profile matches Canada’s standards and requirements. ECAs are often used by immigrant workers when submitting their documents in pursuit of economic class employment opportunities, whether it is as the federal or provincial level.
Loss of Employment [and Eventually] Income
According to the June surveillance report by WES, 15% of the sample population confirmed that they lost employment because of the Covid-19 crisis. That halted their income flow, making it challenging for many of them to afford rent and mortgage payments.
Close to a quarter (24%) of all permanent residence filed for unemployment and lost their primary source of income. When the focus shifted to temporary workers, about 22% had reported losing their income.
On the other hand, international students also suffered financial losses during the pandemic, with 34% finding it difficult to afford their rent and utility money. That sent most them in a downward emotional and financial spiral. Most of them had to vacate their housing to live with their relatives or wait for lease extensions from their school’s administration.
A Temporary Solution
As a result of increasing employment rates among immigrants, permanent residents, foreign workers, and international students resorted to emergency relief services to offset their financial losses due to the Covid-19 health crisis. They obtained the relief through two channels: The Canada Emergency Response Benefit (CERB) and Employment Insurance (EI) Claims.
CERB deals with providing financial relief to employed and self-employed Canadians as well as permanent residents. The program was created after the pandemic hit the globe and taking a toll in the country’s job markets.