Government cites global pandemic, 'significantly high' inflation
Prince Edward Island is looking to support residents amid challenging times.
The government is giving 90,000 people in the province inflationary support payment of up to $150 per qualified individual to support those most affected by pressures brought on by inflation.
“As we emerge from a global pandemic and face significantly high inflation due to global events, we know that as a government we have to deliver whatever support we can within our provincial means, to help people,” says Premier Dennis King.
Under the program, a single person making roughly $70,000 per year or less will receive a support payment of $150. Meanwhile, a single person making between $70,000 and $80,000 will receive a prorated amount based on level of income.
Couples who earn $70,000 or less in combined income will receive $150 each, and couples making from $70,000 to $100,000 in combined income will receive a prorated amount based on the level of combined income.
Almost three-quarters (72 per cent) of HR leaders and 61 per cent of employees say that the stress resulting from cost-of-living increases is negatively impacting employees’ work, according to a previous report.
Also, more than half (54 per cent) of those 55 and older now say they are delaying retirement because of the increased costs, found another study.
Currently, the Workers Compensation Board of PEI is proposing to increase the compensation rate from 85 per cent to 90 per cent.