American Income Life: Lay Off Premium Waiver
***
Relevant Material: "Each year, about 5% to 10% of Canadian employees experience a permanent layoff. The implications of job loss are a big deal for affected individuals and their families; a permanent layoff is associated with sustained annual earnings losses equivalent to about 10% to 20%, five years out.
With no income and no idea when their fortunes will turn around, workers who receive a pink slip must decide on their next move as soon as possible. Looking for a job either locally or elsewhere, starting a business, or beginning an apprenticeship that combines work and study are all viable options. An even more substantial investment is to go back to school. But with the clock ticking, students will want to get the most from this investment by considering the program length, field of study and value in the labour market.
For the most part, shorter, career-oriented programs or courses tend to be selected following a layoff. They include certificate and diploma programs, microcredentials, and basic education and skills programs, rather than longer degree program or individual credits not associated with a credential. But do these shorter, career-oriented programs pay off in the end?
For certain types of programs, the answer appears to be yes. Workers who lost their job during the period from 2010 to 2014 and subsequently graduated from a certificate program (usually one year in duration) experienced 14.2% faster earnings growth in the five years following job loss, compared with other laid-off workers who did not enroll in any postsecondary program. Graduates of a diploma program (a two- to three-year commitment) saw even greater returns (+21.8%). But graduating is key—individuals who enrolled without graduating saw no benefits compared with those who did not enroll..." ("Education following job loss", 2022 )
***
Relevant Material: "The Canadian economy shed 33,000 jobs in March according to Statistics Canada — the biggest loss since January 2022.
The agency said the unemployment rate also ticked slightly higher, rising to 6.7 per cent in March from 6.6 per cent in February.
The overall decrease also came as 62,000 full-time jobs were lost in the month, partly offset by a gain in part-time employment...The hit came amid increased uncertainty caused by U.S. tariffs that have threatened economic growth.
RSM Canada economist Tu Nguyen said the result was a glimpse of what may be in store as the trade dispute with the U.S. ramps up and the country faces the possibility of a recession.
"We saw a lot of layoffs happening in trade in March and we expect April to see even more layoffs and a rise in the unemployment rate," she said. "Some manufacturing plants, especially in auto production, have already laid off their workers."
Automaker Stellantis confirmed yesterday they will be halting production at their Windsor, Ont. assembly plant for two weeks in April. A spokesperson for the company said 3,200 Canadians would be impacted, though these jobs are not captured in the March numbers released today from Statistics Canada..." ("Canada lost 33,000 jobs in March as unemployment rate rose slightly to 6.7%", 2025)
***
References
1. (2022, December 9). Education following job loss. Statistics Canada. Retrieved July 1, 2025, from https://www.statcan.gc.ca/o1/en/plus/2499-education-following-job-loss
2. (2025, April 4). Canada lost 33,000 jobs in March as unemployment rate rose slightly to 6.7%. CBC. Retrieved July 1, 2025, from https://www.cbc.ca/news/business/canada-unemployment-march-2025-1.7501875
Comments
Post a Comment