Madam Chair, I am pleased to be able to speak to the committee of the whole about the actions of the government. I will be speaking for approximately eight minutes and will be following with a couple of questions, hopefully, for the Minister of Middle Class Prosperity and Associate Minister of Finance.
Budget 2021 is a historic document. It is the first budget tabled by a female Minister of Finance. It is also a document that sets an ambitious path for this country for the years to come, while healing the economic wounds of the past year. We cannot go back and alter the destruction the pandemic has wrought on our lives and on our economies, but we can do our best to ensure a better future by laying down the foundations for a resilient and inclusive recovery. I would like to outline the measures that budget 2021 would enact to create jobs and particularly help low-wage workers.
The burden that COVID-19 has placed on low-wage workers cannot be overstated, and the past year has shown how much everyone relies on the important work that many of these workers do. It is a sad reality that the worst economic impacts of the pandemic have been suffered by those who could least afford it. Low-wage workers have been up to six times more likely to suffer layoffs than higher-income Canadians. Many of these workers are young people, new Canadians, visible minorities and women. Many Canadians are struggling to get by while supporting families through part-time, temporary and low-wage jobs.
To support low-wage workers in the federally regulated private sector, budget 2021 proposes to introduce legislation that will establish a federal minimum wage of $15 per hour, rising with inflation. This would directly benefit more than 26,000 workers. To support low-wage workers who have been most negatively affected by the pandemic and make our workforce stronger, budget 2021 proposes to expand the Canada workers benefit to support about one million additional Canadians in low-wage jobs, helping them return to work and increasing benefits for Canada's most vulnerable populations. This important measure would raise the income level at which the benefit starts being reduced for single individuals without children and for families.
As we all know, the Canada emergency wage subsidy was one measure that kept businesses afloat during the crisis and enabled them to keep paying their employees when revenues took a nosedive. The program has helped more than 5.3 million Canadians keep their jobs. It is set to expire in June 2021, but if we want to bridge Canadians through the rest of the crisis, continued support is needed.
To give workers and employers certainty and stability over the coming months, budget 2021 proposes to extend the wage subsidy until September 25, 2021. Extending this support means that millions of jobs will continue to be protected.
The budget also puts forward a new program, the Canada recovery hiring program, which would provide an alternative support for businesses affected by the pandemic to help them hire more workers as the economy reopens.
The government also plans to take action to help the workforce grow and meet demand by helping employers train and reskill workers.
To help Canadians gain skills for good jobs in growing sectors, budget 2021 proposes to invest $960 million over three years for a new sectoral workforce solutions program. This funding would help design and deliver training that is relevant to the needs of businesses, especially small and medium-sized businesses, and to their employees. This investment will help connect 90,000 Canadians with the training they need to access good jobs in sectors where employers are looking for skilled workers.
This measure will also help diversify sectors by ensuring that 40% of supported workers are from under-represented groups, including women, persons with disabilities and indigenous people.
Some 45% of Canadians lack the literacy, numeracy and digital skills that are increasingly necessary to succeed in jobs in the knowledge economy. Budget 2021 proposes to invest $298 million over three years in a new skills for success program that would help Canadians improve their skills. This program would enable approximately 90,000 Canadians to improve their literacy and essential skills to better prepare for, get and keep a job, and adapt and succeed at work.
When the economy reopens many people will return to their previous jobs, but for some, changes in the economy will mean they will need to find new jobs. To address this need and help Canadians find new jobs as quickly and easily as possible, workers need to be able to rapidly adapt and upgrade their transferable skills for newer industries. Budget 2021 proposes to provide $250 million over three years for an initiative to scale up proven industry-led third party delivered approaches to upskill and redeploy workers to meet the needs of growing industries. This initiative will help approximately 15,500 Canadians connect with new work opportunities.
Finally, I would like to add a thought about personal support workers. These individuals perform jobs that are mentally and physically exhausting, but they often do not enjoy the same job protections, compensation and benefits as many of their peers in the health care sector. To follow through on a commitment made in the fall economic statement 2020, budget 2021 proposes to provide funding of $27.6 million over three years for My65+, a group tax-free savings account offered by Service Employees International Union Healthcare. The funding for this portable savings tool will support incentives for worker participation.
The government's economic recovery plan must address the unique challenges of the pandemic recession and must include all Canadians. If we are to have a full and fair recovery, Canada needs all workers to rejoin the workforce and to make sure they earn a decent living so as to generate economic growth and raise the standard of living and quality of life for everyone.
Even before the pandemic, housing costs were rising and were a serious concern for a lot of young Canadians who wanted to buy their first home, including many from my riding.
In 2017, the federal government responded to these concerns by introducing Canada's first-ever national housing strategy to improve the affordability, availability and quality of housing in Canada. It is a vital first step. My constituents have continued to express concerns about the rising cost of housing. Now more than ever, they are counting on our government to do something.
The COVID-19 pandemic has exacerbated the housing crisis, particularly affecting the most vulnerable Canadians. Unfortunately, this includes women living in dangerous conditions. Members may remember that the House recently held a take-note debate to discuss the disturbing trend of violence against women.
Because of the threat of COVID-19, many people are unable to get into shelters, which further increases the problems faced by homeless Canadians. Budget 2021 aims to continue tackling the housing crisis by investing in new and existing projects.
Can the minister explain how important funding for housing projects is to Canadians and why it is so essential that the federal government take marginalized communities into consideration in its plans?