Bank of Canada governor Tiff Macklem called for an increase in immigration to compensate for the labour shortage that has caused many job vacancies across the country.
At a Conference on Diversity, Equity and Inclusion in Economics, Finance and Central Banking in Ottawa, he warned against further interest rate hikes unless more workers could be found.
He pointed out that due to the persistent labour shortage, businesses have been unable to meet consumer demands.
With job vacancies at an all-time high and companies citing a widespread lack of personnel, it is evident that the Canadian economy has reached overheating levels.
As production struggles to keep up with insatiable customer demand, prices are bound to increase accordingly.
#Macklem, #Bank_of_Canada, #labour_shortages, #inflation
https://www.bankofcanada.ca/2022/11/restoring-labour-market-balance-and-price-stability/
On December 22, 2022, the Employment and Social Development department Canada (ESDC) extended the Global Talent Stream profession list from 12 to 17 occupations.
The five newly-added engineering positions will allow more global talent to be recruited into the country.
The new eligible occupations are Civil Engineers (NOC 21300); Electrical and electronics engineers (NOC 21310); Mining engineers (NOC 21330); Aerospace engineers (NOC 21390), and Computer engineers (NOC 21311).
Through the GTS, employers can quickly and efficiently apply for a work permit to hire skilled foreign workers in 17 of the most sought-after professions.
#GTS, #Global_Talent_Stream, #foreign_workers, #engineers, #ESDC
On December 20, 2022, the Ministere de l’Immigration, de la Francisation et de l’Integration (MIFI) announced that starting January 1, 2023, Quebec had increased immigration service fees by 3% to comply with the Act to limit the indexation of government tariffs for the 2023–2026 period.
According to the new price list, investors' permanent residence (PR) application fees have increased from $16,383 to $16,874, while entrepreneurs’ and self-employed workers’ fees have increased from $1,142 to $1,176.
Meanwhile, the PR application fee for skilled workers became $186.
The temporary resident application fee has risen slightly from $210 to $216.
International students will have to pay $124, which was $120 before the increase.
#MIFI, #Quebec, #PR, #application_fee, #Price_list, #francophone_immigration
On December 13, 2022, Sean Fraser, Minister of Immigration, Refugees and Citizenship Canada (IRCC), revealed a new investment to help broaden Canada's Economic Mobility Pathways Pilot (EMPP) for skilled refugees.
For the upcoming years, this move aims to link employers and local communities across the country to increase the pilot project's reach and invite 2,000 competent refugees into the Canadian workforce.
These roles are geared towards highly sought-after industries such as healthcare services or information technology.
Moreover, Canada is allocating $6.2 million to support 6 ventures of EMPP partner organizations.
These projects will fortify their capabilities across crucial areas, including locating appropriate overseas candidates and assisting job seekers and employers during the interview and recruitment process and immigration procedures.
#IRCC, #Fraser, #EMPP, #refugees, #In_demand_jobs