A new training fund that aims to grow Canada’s skilled workforce has been unveiled by the federal government. The Canadian Training Benefit, which is worth C$1.7 billion, will be available over the next five years and has been created to encourage workers to take on mid-career training.
Workers can claim half the cost of a course or training programme and will be eligible to take four weeks off work to do so. They will also receive employment insurance coverage equal to 55 per cent of their average weekly income. “Canadians at all stages of their working lives should have the opportunity to learn new skills to take control of their future,” said Finance Minister Bill Morneau in his speech to the House of Commons.
This is great news for Canadian businesses. Our 2019 Canada Salary Guide shows that a lack of training and professional development is the second main reason for the skills shortage last year. With the new training fund offered by the Canadian government, employees can more easily upscale their skills and help close the skills gap.
Supporting employees in their training and professional development is also key to retention. Our 2019 survey shows the second top reason ambitious people leave there is for better career opportunities, following salaries. When organizations support employees in their professional development, not only will they future-proofing their workforce and reap the benefits of productivity, employees will also feel more invested in their work.
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