Friday, February 14th, 2014

Federal Budget Focused on Skills Training

Federal Budget | Skilled Trades

The Government wants to spend more money on skills training outlined in the Federal Budget.

The 2014 Federal Budget, tabled this past Tuesday by Finance Minister Jim Flaherty, could have a pretty significant reach for students looking to make the leap from their practical skills education into the working world.

The Government made it clear that it wants to spend more money on skills training, through interest-free loans for apprentices and funding for new internships where skilled workers are needed. As well, the new Canada Job Grant is slated to start April 1, with or without agreement from the provinces and territories, a move that is creating quite a degree of contention between the different levels of government.

The goal of the proposed Canada Job Grant is to provide $15,000 per eligible worker in training cash, divided among government and employers. Employment Minister Jason Kenney, who often remarks on the shortage of skilled workers, is taking a firm stance on the decision to implement the grant.

The creation of the Canada Apprentice Loan, an offshoot of the Canada Student Loans Program, will provide more than $100 million in interest-free loans each year to help apprentices in the ‘Red Seal’ trades to pay for their training. It’s expected that at least 26,000 apprentices each year will apply.

Other initiatives include multi-million dollar budgets to support up to 3,000 internships for young graduates in high-demand fields and to launch an enhanced job-matching service to help Canadians connect with jobs.

Editorial Staff
Author: Editorial Staff
Editorial Staff at STUDY Magazine is a team of industry professionals.
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