Chapter 16 Blog
Summary
With the economy declining, many jobs are being taken away, leaving many citizens unemployed. In December 2008, the number of Canadians receiving Employment Insurance benefits rose 16.2%, compared to December 2007. There could be more unemployment coming in our future. Most of the jobs lost were full time positions, causing more and more people to rely on Employment Insurance. Even though the percentage seems quite high, “Canada is coming out of a period of near-record-low employment.” (Mr.Shenfeld) This increase of unemployment falls nationwide, with British Columbia ranking first with the most increase of Employment Insurance recipients.
Connection
In the article it talks about how more and more people are claiming their Employment Insurance benefits. Employment Insurance is the connection to Chapter 16. Canadian employees all have to contribute a portion of their earnings towards their Employment Insurance fund. This deduction is made on every paycheque they make. This fund is only available when the person is unemployed. They have to be willing and be able to accept employment, then that person is entitled to receive Employment Insurance benefit. The unemployed person will then receive a bi-weekly payment every month until they have a job again.
Reflection
Even though it’s expected that many jobs will be lost, people will be unemployed through the economic crisis, I never imagined the increase would be so extreme. I’m also glad there is an Employment Insurance fund because if there was never one, and so many are unemployed now, many people will be having really hard times to get through their life. I think the government should work on a project to keep prevent more layoffs, or to provide more job opportunities. It is very hard to find jobs now and people’s fund won’t be able to last them that long unless they have been working for years.
http://www.nationalpost.com/story.html?id=1323500
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2 comments:
The gradual increase of our economic recession is slowly becoming a major problem in Canada. This severely harms our economy, as well as leaving thousands of people unemployed. As much as I hope so, I do not think that the government could do much in “saving our recession.” However, the money used to fund this ideal project that is intended to prevent lay off will ultimately come from taxes. But however, increasing the tax rate for a country experiencing an economic decline will only add to the problem. For example, for a family of five with only one adult working, increasing the tax will cause further hardship to this poor family. Even though I believe that the government is incapable of doing much to save this crisis, there is another form of corporation that could twist this undesired situation around. According to my chapter 15 blog, one of the many reasons for our current economic recession is done by the high interest rate enforced by the bank. To put it differently, if the bank could reduce their interest rate and be more lenient on loans, it will dissipate the hardship of our people. In the big idea, I believe that the union of banks will certainly have more power to improve the economy rather than the government of Canada.
- A. Tao
Block A
I agree with you. Since the economy is declining, the amount of people that are jobless will definitely increase. I guess this is where EI comes in handy. I really can't imagine if there was never such a thing called EI to help those through their times without a job. If so, I bet many people will suffer lots financially, and thus leads to emotional breakdowns. By then, not only will the unemployment rate be high, but also the rate of people suiciding will also go up. On the other hand, I also think that people should make good use of the time they have EI to support their living to find a new job as soon as possible, because i beleive depending on EI is not a good thing ( there will be a day where all the EI is used up).
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