The Federal Government has announced that CERB will be extended another four weeks for a total of 28 weeks to help Canadians affected by the COVID-19 pandemic.
The transition to EI will begin September 27. A minimum national unemployment rate of 13.1% has been set by the Federal Government to standardize access to EI regular benefits across the country to the lowest entry threshold possible.
A one time top up of hours will be given to Canadians applying for EI. A credit will be of 300 hours to those applying for regular benefits. A credit of 480 hours will be given to those applying for sickness, maternity and parental benefits.
According to the government millions of Canadians will only need 120 hours to access any EI benefit.
New Benefits
Canada Recovery Benefit
Self-employed and those working in the gig economy who do not have access to EI, can qualify for new benefits including the Canada Recovery Benefit of $400 per week.
To qualify for this program, you must be looking for work and had stopped working or had income reduced because of COVID-19. You will need to repay $0.50 of every dollar earned above an annual net income of $38,000 come tax time.
The Canada Recovery Benefit will be available for 26 weeks over the one year period.
Canada Recovery Care Giving Benefit
The Canada Recovery Care Giving Benefit will be available to those who are required to provide care for a child, dependent or family member. It will be in the amount of $500 per week.
This benefit will be available for 26 weeks over the one year period.
Canada Recovery Sickness Benefit
The Canada Recovery Sickness Benefit will be for Canadians who are unable to work because of sickness or if they need to self-isolate in the amount of $500 per week. You cannot claim this if you have paid sick leave from your employer.
The new Sickness Benefit will be available for two one week periods over the year.
This is a developing story, more to come.