44% of Canadian Households See Job Loss or Reduction Due to COVID-19

job loss
Photo by Razvan Chisu on Unsplash

A new report from the Angus Reid Institute shows that nearly half of Canadian households have seen a job loss or job reduction since the start of the COVID-19 outbreak.

What’s more, the majority of this 44% also report that their employers are not offering any compensation to make up for the loss in wages – whether from reduced hours or complete loss of position.

RELATED: 74% Canadians Experiencing Financial Stress Due to COVID-19

The scariest statistic revealed in the report, however, is that of those who have lost their job, 37% say they’re not equipped to handle even an extra $100 expense in the next 30 days.

Job loss
Angus Reid

This report comes after the news that more than half a million Canadians applied for some form of financial assistance in the first week the government announced an expanded EI program.

Small businesses are also being hit hard right now, with a report published last week by the Canadian Federation of Independent Business (CFIB) suggesting that 25% of small businesses would not be able to survive more than a month with a drop in business income of more than 50%.

Angus Reid also found that 34% of Canadians are worried they may miss either a rent or mortgage payment this month, which could be why more than 635,000 people have signed an online petition calling for the cancellation of mortgage and rent payments in the past week and throwing into question whether or not a rent ‘strike’ will take place across the country on April 1.

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