Thank you, Madam Chair.
Thank you, colleagues, for the invitation to appear in front of your committee. It's a pleasure to be with you here today on the unceded territory of the Algonquin Anishinabe people.
As you mentioned, Madam Chair, I'm here with two very esteemed deputies. I'm here to talk about what a pivotal moment this is for Canada and for Canadian workers in particular.
As we've noted and as many people have commented, Canadians are working very hard, and they're feeling the pressure as the labour market changes. Despite those uncertainties, Canadians have rolled up their sleeves to defend Canada, their communities and each other. The government is laser-focused on strengthening Canada's economic and social security networks, as well as on providing all Canadians with a fair chance to succeed at every stage of life. A fair chance relies on getting the skills needed for great-paying jobs in demand right now.
This is the reality that we need to acknowledge. Canada is facing a serious shortage of skilled workers.
The spring economic update sets a clear plan to meet the moment by strengthening today's workforce, by preparing Canadians for the jobs of tomorrow and by delivering the major projects that will shape our future and build Canada strong.
We're building more homes. We're modernizing infrastructure, and we're strengthening national defence. All of that work depends on skilled people.
The prosperity of Canada depends on the new generation of tradespeople.
Investing in skills and trades is about ensuring that we have the people to build up our economy, our communities and that long-term prosperity, so the spring economic update announced a $6-billion nationwide effort to recruit, train and hire 100,000 new Red Seal workers over the next five years.
It's focused on three strategic pillars.
The first is recruitment. We need to help provinces and territories with their work to ensure that young Canadians and those considering a career change see the value of a career in the skilled trades: good wages; stable employment; often, pensions; and the opportunity to contribute to nation-building projects such as nuclear plants, stadiums and even Parliament. That's why we're investing $2 billion through the team Canada strong program, which will support young Canadians in learning about and entering the skilled trades through experienced employer connections and targeted supports.
Second, our apprenticeship system is built on earning while you learn, and it needs to keep pace with modern industry needs. That's why we'll work with provinces and territories to modernize the Red Seal program and to expand the union training and innovation program to support certifications in Red Seal trades. This will be supported by $331 million in funding over five years, starting in 2026-27. It's about the reduction of barriers that apprentices often face in training, in hours accumulation and in testing. We're also investing in the financial supports that keep apprentices in their training by making sure that we can help them manage the cost of lost earnings during training or in between opportunities. We'll do that by providing a $400 weekly income top-up while they attend in-class training, in addition to the EI they're entitled to. This is a total of $16,000 in potential income top-ups. Again, this is about reducing financial pressures that stand in the way of completion. We will also ensure a $5,000 completion bonus for those apprentices who achieve Red Seal certification.
Finally, too often those who are ready to begin their apprenticeship face challenges with that first apprenticeship job, a placement that includes an employer that has a Red Seal journeyperson who can help them use those hours towards their certification. We're going to help cover up to $10,000 of an apprentice's first-year salary, which will reduce hiring costs for these employers and encourage employers to invest in the talent that they say they need: the next generation of skilled workers.
The proposed measures will help us mobilize youth. At the end of the day, it comes down to affordability. So, we're ensuring that education is more affordable.
We're going to continue the other work that we've done, Madam Chair, by making sure that post-secondary education continues to be accessible. For the 2026-27 academic year, we've extended the temporary 40% increase to the Canada student grant and the temporary increase of the weekly Canada student loan limit to $300.
This will support about 571,000 students through increased grants and 422,000 students through higher loan limits.