Statement from the Canadian Life and Health Insurance Association on the Canada Emergency Wage Subsidy
News ReleaseRelease Date: 04/08/2020 Staff Reference: Kevin Dorse
(Toronto, April 8, 2020) – Canada’s life and health insurers are supportive of the details of the expanded emergency wage subsidy program announced by federal Finance Minister Bill Morneau today.
We believe that the Canada Emergency Wage Subsidy is crucial to help sustain the employer and employee linkage through the unprecedented challenges presented by COVID-19. It is our view that this linkage will help keep employees healthy and speed the recovery of our economy.
The program is a vital piece of the federal government’s response to help employers and employees through the unprecedented challenges presented by COVID-19.
“For many workers and employees, workplace benefits are an essential part of their overall compensation. By allowing employers to use the subsidy to protect both wages and benefits, employees can continue to depend on their drug and other extended health coverage to access a wide range of prescription medications for themselves and their families through this health crisis.”
– Stephen Frank, President and CEO, Canadian Life and Health Insurance Association
About the CLHIA
The CLHIA is a voluntary association whose member companies account for 99 per cent of Canada's life and health insurance business. The industry provides a wide range of financial security products such as life insurance, annuities (including RRSPs, RRIFs and pensions) and supplementary health insurance to almost 29 million Canadians. It also holds over $850 billion in assets in Canada and employs more than 156,000 Canadians.
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