For most businesses, the COVID-19 pandemic has posed quite a few challenges that must be addressed over time. From order fulfillment and supply procurement procedures to standard operating procedures, companies now face challenges concerning their operations and overall ability to stay afloat.
Among all the different challenges that you could face throughout the pandemic, there's one hurdle that can easily prove to be most challenging: Keeping your employees afloat and assisting them financially.
In dire times like these, business activities are lower than ever, and statutory leave is no longer an option because it renders workers unpaid. At the moment, it may seem like the only option is to keep your employees on the payroll, but this may not necessarily be the most feasible option.
Several appealing solutions
Fortunately, the Canadian government has taken some load off the back of businesses by providing various forms of support and federal options that can financially support workers during the pandemic. Besides federal support, however, provincial governments have also provided new forms of support for workers, effectively lightening the load that you'll need to sort out.
With the COVID-19 pandemic still on the rise, here are a few options that can help keep your workers on a salary without being at the expense of your stability:
1. The Canada Emergency Response Benefit (CERB)
Best regarded as the government's first effort at relieving the effects of the current crisis on work, the CERB provides one of the most significant forms of support in times like these.
With the baseline premise of providing $2,000.00 per month (up to four months) to workers who have lost their income, this option will help newly-unemployed Canadians remain afloat. It is worth noting that this form of assistance may only be claimed by those who meet the following standards:
● Those who have stopped working due to COVID-19 and have no access to paid leave or other income support.
● Those who are sick, under quarantine, or are currently taking care of someone suffering from COVID-19.
● Those who are still employed but are currently not paid because they aren't required to come to work.
● Those who are working parents that may not be able to go to work because they must stay at home to take care of their children.
2. Wage subsidies
Another form of assistance that can be used to provide a stable income is the wage subsidy provided by the Canadian government.
Non-profit businesses, charities, and organizations that have suffered at least a 30 percent decrease in revenue are eligible for this subsidy, regardless of the number of members or employees. Given the structure of this subsidy, the government provides 75 percent of the first $58,700 earned by an employee.
3. Employment Insurance Sickness Benefits
For employees or staff who are affected by the current quarantine, these benefits can prove to be helpful because of its easy application process and minimal waiting period. With coverage that spans up to 15 weeks of income replacement, quarantined Canadian employees can benefit enough to source out funds that can be used to purchase necessities for an extended period.
With the help of various available benefits and subsidies, Canadian employers can help provide their employees with a steady income. All these are now possible without having to sacrifice the stability of their business!