Increase one of several initiatives to stimulate provincial economy
The province of Quebec will increase its minimum wage as part of a plan to stimulate the economy and counter the current tough economic conditions, announced the Minister of Finance Monique Jérôme-Forget
The measures are designed to protect jobs, preserve the purchasing power of households and help businesses facing tighter credit conditions.
“These measures bolster our economic plan. We are taking concrete steps to support the economy, while keeping within the (province's) financial capacity,” said Jérôme-Forget. “I am confident in the capacity of Quebecers to meet the greatest challenges and I know that once the first signs of recovery appear, our economy will be well prepared to rebound.”
The measures
• an increase in the minimum wage of 50 cents, bringing it to $9 an hour as of May 1
• a refundable tax credit for home improvement and renovation with a rate of 20 per cent and a maximum of $2,500, helping to maintain the jobs of 25,000 workers in the construction industry and to create 2,000 new jobs in this sector
• a contribution of $1 billion to the capital of the Société générale de financement du Québec to increase its investment in Quebec companies
• an easing of the rules governing company pension plans to ensure the solvency of pension funds and the security of the benefits of participants and retirees
• a significant change to the tax credit for film and television production, with the base rates rising from 29 per cent and 39 per cent to 35 per cent and 45 per cent respectively, and an additional increase of 10 per cent for certain productions that don't receive public financial assistance
• a substantial investment in infrastructure totalling $41.8 billion for 2008-2013, an increase of $4.1 billion compared to the initial plan.
