2018 Budget Aims to Increase Female Participation in Economic Growth

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Female Participation in Economic Growth

Even in a developed country like Canada, gender equality at the workplace is an issue. In its budget discussion on February 27, 2018, the Liberal government will be talking about improving gender equality at the workplace, access to more funding for female entrepreneurs and scientists, and reduction in the pay gap between females and males.

Bill Morneau, Finance Minister of Canada, said that it would take at least 15 years to close the gap between males and females in the labor market participation gap. It is a part of Canada’s plan for long-term economic growth with a plan to decrease the difference by 0.25 percentage points annually over a period of 15 years. According to the government’s estimate, Canada will see an increase of 4.5 percent points for women in the workplace. Canada suffers from a major problem of aging population, and without help, the newer population won’t enter the workforce.

It is important to build a sustainable environment that boosts the economic growth for a very long time. If every year, 15,000 new people are employed, Canada will see an increase of 0.1 percent points of annual growth. Also, the same number of people between 55 to 64 years of age should be encouraged to work, which will result in an increase of 0.2 percent in annual growth. It took almost five decades to narrow the men and women workforce difference by 39 percent. Unfortunately, the growth is relatively lesser in the 2000s despite more women going to college and getting educated.

Gender Equality

By narrowing pay gap will help Canada earn $150 billion more by 2026 and therefore the government has invested $50 million in teaching coding and digital skills to a million children, especially to girls. Gender equality not only means making more place for female workers but also giving parental leave to new fathers. The Liberal government is interested in providing pay-equity legislation to non-birthing parents and fathers.

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