4570 replies to this topic

[spanky123]

Yeah it’s the link I posted.

Matt.

 

It says that layoffs may be extended to 16 weeks from 13 weeks. You indicated that even at 16 weeks you would not be paying severance. Unless I misunderstood you or LS then there is a mismatch.

[Matt R.]

It says that layoffs may be extended to 16 weeks from 13 weeks. You indicated that even at 16 weeks you would not be paying severance. Unless I misunderstood you or LS then there is a mismatch.

No I don’t think there is.

“If a business closure or staffing reduction is directly related to COVID-19 and there is no way for employees to perform work in a different way (for example, working from home) the exception may apply to exclude employees from receiving compensation for length of service and/or group termination pay.” I argue this describes me to a T, if someone wants to argue otherwise they can.

Matt.

[Victoria Watcher]

this is why we pay economists lots of money:

 

 

Canada adds thousands of jobs in May despite expected losses

 

The Canadian economy added 289,600 jobs in May when a loss of 500,000 was expected. Statistics Canada says the unemployment rate was 13.7 per cent, up 0.7 of a point from April.

 

 

 

uncanny estimates.  they were only off by 789,600.

 

 

in the usa:  

 

Unemployment drops to 13.3% in May as economy adds 2.5M jobs

Edited by Victoria Watcher, 05 June 2020 - 04:48 AM.

[spanky123]

^ Not a surprise if you think abut it. The wage subsidy started in May and companies are being paid 75%-100% of their wage costs if they put staff back on the books. Surprised that only 300K jobs were "added".

[spanky123]

We have more than 1/2 of our working population in Canada collecting some sort of subsidy and yet the stock market is surging and house prices are UP 3.2% over last year in Victoria. Exactly as forecast, massive economic bubbles caused by cheap Government money. Socialists who thought that Covid-19 would be the great economic leveler are quickly finding out that their policies are only making the rich even richer.

 

According to BC Stats, unemployment surged in Victoria to 10%. https://www2.gov.bc....rket-statistics

Edited by spanky123, 05 June 2020 - 08:03 AM.

[Mike K.]

Prices are way down in other markets, however.

Vancouver Island with zero COVID cases is a beacon to the world’s wealthy. Our success on that front is a marketing campaign money could never buy.

[spanky123]

Prices are way down in other markets, however.

Vancouver Island with zero COVID cases is a beacon to the world’s wealthy. Our success on that front is a marketing campaign money could never buy.

 

In many markets "prices are down" because of a distribution in sales towards lower end housing. I would be surprised if property assessments actually drop substantially.

 

I could be wrong but I don't think that people are making life decisions based on a virus which we will have a vaccine for in a year. In addition, BC actually has the 3rd or 4th highest death rate due to Covid-19 in Canada (depends week to week on where Alberta is). Horgan touted BC as having the lowest death rate but if you read the fine print it was for Provinces over 5M people of which there are only 3. 

[Mike K.]

Not everyone, but enough people are.

New Zealand had to change ownership laws because the world’s wealthy were buying up huge tracts of land for bug-out homes. Believe me, there is a massive focus on VI among the wealthy because of COVID, and they’re investing money here in a big way. They view this island not unlike New Zealand.

Homes with ample land are selling for $1-2M just days on the market as people flood out of the cities and seek semi-rural property in the safest place on earth.

[spanky123]

New Zealand has had foreign ownership rules in place for two years, in fact the law they just introduced softened the restriction to try and bring more money in.

 

I would expect that BC may quietly loosen some of its rules as well as China now has the world's largest economy and we will need their money to start paying back our bills.

Edited by spanky123, 05 June 2020 - 09:36 AM.

[Mike K.]

Yes, they’ve had it for a little while. I didn’t mean to imply the rules were created because of COVID.

[Victoria Watcher]

Compared to this time last year, no city in English Canada has seen a greater spike in unemployment than Victoria. 

 

According to new numbers by Statistics Canada, Victoria has the greatest rise in unemployment in May 2020 relative to May 2019, at 179%. This was a rate eclipsed only in Quebec, where several metro areas passed the 200% threshold.

 

The number of unemployed people in the Capital Region has also continued to rise throughout the pandemic, rising from 14,500 to 20,100 from April to May; the fourth-highest increase (behind Guelph, Toronto, and Vancouver) of any metro area including those in Quebec. 

 

https://www.capnews....atistics-canada

Edited by Victoria Watcher, 07 June 2020 - 03:54 AM.

[Casual Kev]

Goes to show how dependent we're on services and international visitors. And unlike other BC cities, we're also due for another reckoning as the public service will need to be slashed. 

[Victoria Watcher]

Masdaq record today. Looks like economy will be v-shaped recovery!

[spanky123]

Masdaq record today. Looks like economy will be v-shaped recovery!

 

As I said earlier, trillions of dollars of cheap money is flowing into markets in Canada and the US with all of the Government handouts. Last time this happened we saw bubbles in the stock market, housing and commodities. I would not mistake those bubbles for a broader recovery.

 

CFAX reported this morning that only 10% of Canadian businesses are back to where they were previously from a revenue standpoint. 

Edited by spanky123, 08 June 2020 - 01:34 PM.

[spanky123]

Weeks after telling everyone that you can cheat on your Government grant applications and nothing would happen other than having to repay the monies if you are caught, the Feds are now saying that they are going to throw cheats in jail. About time, what idiots ever came up with the plan to turn a blind eye in the first place?

 

From what I am hearing, up to 2 out of every 3 subsidy applications is bogus.

 

https://www.theglobe...nt-cerb-claims/

[m3m]

Weeks after telling everyone that you can cheat on your Government grant applications and nothing would happen other than having to repay the monies if you are caught, the Feds are now saying that they are going to throw cheats in jail. About time, what idiots ever came up with the plan to turn a blind eye in the first place?

 

From what I am hearing, up to 2 out of every 3 subsidy applications is bogus.

 

https://www.theglobe...nt-cerb-claims/

 

They should have included that in the original legislation.  Now everyone who has already wrongly claimed the funds is protected by s.11(i) of the Charter. It only acts as a deterrent for people who might do it in the future.  By the time this bill gets passed, everyone will have already claimed their 16 weeks and only be subject to the original punishments (i.e. paying back the benefit, interest free)

[Victoria Watcher]

i think they want to make sure nobody thinks they can get another 16 weeks.  since we are now in the last renewal period.  plus they will want to extend it for some workers i think.  we'll see.

[spanky123]

^ The rule changes, including the new one that you are disqualified if you refuse work, are in my opinion a prelude to the Feds extending the program.

[Mike K.]

It looks like its gone from 16 weeks to 28.

 

1 March 15, 2020 to April 11, 2020
2 April 12, 2020 to May 9, 2020
3 May 10, 2020 to June 6, 2020
4 June 7, 2020 to July 4, 2020
5 July 5, 2020 to August 1, 2020
6 August 2, 2020 to August 29, 2020
7 August 30, 2020 to September 26, 2020

- https://www.canada.c.../how-apply.html

[Victoria Watcher]

then the work refusal clause, combined with the snitch line to try to keep people in check.  if you are qualified for cerb but then refuse work, your co-workers (or workers at the place you refuse work, you know what i mean) can turn you in.