Madam Speaker, allow me to show my colleague that our actions are working and helping Canadians. First, since it is International Women's Day, I want to recognize the achievements of Canadian women and reaffirm our government's commitment to eliminating systemic barriers so as to advance gender equality in Canada and around the world.
Our government is taking meaningful action to support women, and we can see the results. Our Canada-wide early learning and child care system is a good example. It is already delivering $10-a-day child care in nearly half of Canadian provinces and territories and has reduced fees by at least 50% in all other jurisdictions, with work on track to reaching $10 a day across the country in just three years. In addition, last year, labour force participation for working-age women in Canada reached a record high of 85%. This is something we can all be proud of.
That said, we understand that high inflation, a global phenomenon, is hurting Canadian families. Many Canadians are struggling to make ends meet. They have to make choices at the grocery store. They are struggling to pay rent or fill up their car.
Fortunately, inflation is gradually decreasing, and the OECD predicts that it will return to its target level by the end of 2024. Inflation in Canada, which was 8.1% in June 2022, is now only 5.9%. Although this rate is still high, it is lower than what we see in many comparable economies. For example, inflation is 8.6% in the eurozone and 10.1% in the U.K.
There is also some good economic news. For example, more Canadians than ever are working. With 150,000 new jobs created in January, our 5% unemployment rate is now close to historical lows. There are 800,000 more Canadians working today than before COVID hit. That is 126% of COVID-19 job losses recovered, compared to 112% in the U.S.
Canada had the strongest economic growth, since the fourth quarter of 2021, in the G7.
However, we understand that many Canadian families, including seniors, still need help to make ends meet. To make life more affordable for millions of Canadians, we budgeted up to $12.1 billion for new inflation relief measures, many of which will continue in 2023.
For example, our government moved forward with a permanent 10% increase to old age security for seniors 75 and over, which increased benefits for more than three million seniors and provides more than $800 in the first year to full pensioners.
We also provided a $500 payment to low-income renters who are struggling with the cost of housing.
Now that we have doubled the GST credit, a family of four that is struggling to pay its bills will receive up to $1,401.
Furthermore, benefits like the Canada child benefit, the GST credit, the Canada pension plan, old age security and the guaranteed income supplement are indexed to inflation.
I also want to talk about the price on pollution. Pollution is having an unprecedented impact on Canadians across the country, and something must be done about it. It is an economic necessity. Our pollution pricing system is driving the development of new technologies and services. We see it every day in this country.
I would like to remind my colleague that our pollution pricing system is putting money back in the pockets of Canadian households and provinces where the federal fuel charge applies.
In 2022-23, through climate action incentive payments, a family of four will receive $745 in—
