Money: Report finds immigrant wage gap costing Canada $50 billion a year in GDP - - PressFrom - Canada
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MoneyReport finds immigrant wage gap costing Canada $50 billion a year in GDP

07:40  18 september  2019
07:40  18 september  2019 Source:   msn.com

Canada sees gains in part-time, youth employment as wage growth slows

Canada sees gains in part-time, youth employment as wage growth slows Canada sees gains in part-time, youth employment as wage growth slows

A new report from RBC Economics says the growing wage gap between immigrants and Canadian -born workers is costing the country $ 50 billion each year . The study finds that new Canadians earn 10 per cent less on average than workers born on Canadian soil

A new report from RBC Economics says the growing wage gap between immigrants and Canadian -born workers is costing the country $ 50 billion The study finds that new Canadians earn 10 per cent less on average than workers born on Canadian soil, a gulf that spans age, gender

Report finds immigrant wage gap costing Canada $50 billion a year in GDP© Provided by Canadian Press Enterprises Inc

The growing wage gap between immigrants and Canadian-born workers has hit a new high, with new Canadians earning 10 per cent less on average, says a new report.

The gulf, which spans age, gender, region and occupation, is costing the country $50 billion each year, according to an RBC Economics study set for release Wednesday.

The problem stems from a failure to adequately recognize credentials and work experience abroad, said Dawn Desjardins, deputy chief economist at RBC Economics.

About 38 per cent of university-educated immigrants aged 25 to 54 work at a job that fits their education level, compared with more than half of their Canadian-born counterparts.

Canadian economy's job gains driven by part-time work, youth employment

Canadian economy's job gains driven by part-time work, youth employment OTTAWA — Canada's economy posted a job surge last month of 81,100 net new positions, the bulk of which were part time, in the services sector and picked up by young people. Statistics Canada said in a report Friday that, even with the increase, the August unemployment rate stayed at 5.7 per cent as more people looked for work. The jobless rate remained near its four-decade low.

as $ 50 billion a year , a new Economic Policy Institute report finds . wage theft and never sue, the real cost of wage theft to workers is much greater, and could be closer to $ 50 billion a year . “ Wage theft is another unnecessary obstacle preventing America’s families from getting ahead, yet we are

The Gross Domestic Product ( GDP ) in Canada was worth 1709.30 billion US dollars in 2018. GDP in Canada is expected to be 2000.00 USD Billion by the end of this quarter, according to Trading Economics global macro models and analysts expectations.

"That means we’re not really maximizing that education, but as well we’re not necessarily maximizing the experience that some of these workers have," Desjardins said in a phone interview.

"We’re not really correctly valuing their contribution to Canada’s economy, to the labour market. And therefore we’re leaving on the table, I would say, some of this excess return we could be accruing to the economy overall."

More than half of the earnings gap — the shortfall is 18 per cent for immigrants aged 45 to 54 with a bachelor's degree or higher — can be attributed to employers discounting work experience gained in other countries, she said.

The gap in median earnings is nothing new but has risen over the past three decades, climbing to 10.3 per cent in 2016 from 3.8 per cent in 1986.

Federal government posts $14B shortfall in 2018-19

Federal government posts $14B shortfall in 2018-19 OTTAWA — The federal government ran a $14-billion deficit in 2018-19, according to its latest annual financial report, the third year in a row with a shortfall bigger than $10 billion. The deficit for the fiscal year that ended March 31 was $900 million smaller than the government projected in last spring's federal budget, however. Revenues in 2018-19 expanded by $21 billion — or 6.7 per cent — compared to the previous year, said the report released Tuesday. The government's revenue ratio, which is total revenues as a percentage of the size of the economy, increased last year by 15 per cent to reach its highest level since before the financial crisis in 2007-08.

Canada can add 0 billion to its economy by 2026 if it takes steps to combat gender inequality, according to a new report from the McKinsey Global This reflects a 0.6-per-cent increase to the country's annual GDP and is 6 per cent more than the projected GDP in 2026, if no changes are made.

The wage gap between full-time working men and women in the United States short-changes women by nearly 0 billion per year , according to a new report The event marks how many additional days women would have to work into the new year to make what men earned in just the previous year .

The report notes that Canada remains popular among — and reliant upon — immigrants. A recent Gallup poll found that the country came second only to the U.S. as a desired destination.

"Pretty good for a country of 37 million with a long winter," the RBC study states.

Immigrants make up one-fifth of Canada's population, a number that's expected to rise to 28 per cent by 2036, according to the report, titled "Untapped Potential."

"Canada needs to close its immigrant wage gap," it states, arguing that doing so would boost the country's annual GDP by as much as 2.5 per cent, or about $50 billion.

Desjardins said the federal government should upgrade its credentials assessments — a "longstanding problem" — to help employers recognize foreign work experience and devote more resources to aiding immigrants' transition into the workforce.

The report gives a nod to government efforts to fill labour gaps with skilled immigrant workers, including the Express Entry program introduced by the federal Conservatives in 2015, expanded Provincial Nominee programs and beefed-up pre- and post-settlement services.

Conservatives accuse Liberals of keeping Canadians in dark on cost of promises

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Report finds immigrant wage gap costing Canada $ 50 billion a year in GDP . Toronto stock market in record territory again, U.S. stock market mixed. Former Canopy co-CEO Bruce Linton sees big opportunity in psychedelics.

Approximately $ 50 billion in wages are stolen every year from workers nationwide, according to a 2014 Economic Policy Institute (EPI) report . According to EPI researchers and community organizers, when workers report wage theft to government agencies and lawyers, cases are routinely

The earnings gap is particularly stark in manufacturing — about 23 per cent— and agriculture — roughly 16 per cent — and sits at between 10 and 15 per cent in education, law and trades.

The divide is greatest in the Prairies, with hourly wages hovering at about 20 per cent less for immigrants. It is narrowest in the Atlantic provinces, possibly due to efforts to attract a younger workforce, the report says.

In March, Ottawa announced a two-year extension of the Atlantic Immigration Pilot to facilitate hiring of skilled labour and recent graduates. "Programs like this one, that link employment to immigration from the beginning, may be a path towards faster integration and helping immigrants attain greater wage parity," the study says.

Of 10 sectors profiled, natural and applied sciences is the only one where new Canadians made more on average than those with deeper roots in the country.

Immigrants who arrived before their 16th birthday earn five per cent more on average than workers who were born citizens.

Christopher Reynolds, The Canadian Press

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ANALYSIS: ‘Real change’ for Liberals much different in 2019 with no balanced budget in sight .
At a media availability, after the platform was unveiled Sunday, Trudeau was asked multiple times whether he would commit to a timeline for a balanced budget. He didn’t answer. Instead, he slammed the Conservatives for being “obsessed” with balancing the books through cuts.“We are choosing to invest in people and in their communities and at the same time stay responsible so that our debt-to-GDP ratio continues to decrease every single year,” Trudeau said.‘We’re making a different choice and that is the choice that is at the heart of what Canadians are facing this election.

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