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House passes bill to extend and reform wage subsidy, introduce disability benefits

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Legislation introduced by the Liberal government to change the federal wage subsidy and provide relief to people with disabilities passed the House of Commons today by unanimous consent.

The legislation, C-20, expands the number of companies that qualify for the wage subsidy, changes the amount companies can put toward their workers’ wages and extends the wage subsidy program to the end of the year.

The bill also sends a one-time payment of $600 to people with disabilities and extends some legal deadlines for court cases.

The original version of the wage subsidy covered 75 per cent of wages, up to a weekly maximum of $847, for eligible companies and non-profits. Companies had to show a 30 per cent drop in revenues.

The revised program pays out on a sliding scale based on revenue drops due to the pandemic, with the hardest-hit businesses eligible for a 25 per cent increase to the previous maximum payment.

The Bloc Québécois indicated early on that its MPs would support the bill, giving the Liberals the votes required to ensure its passage.

An agreement between the parties that allowed the legislation to pass today also provided for getting two more House of Commons committees — the Standing Committee on Public Safety and National Security and the Special Committee on Canada-China Relations — up and running. Conservative MP John Brassard said his party pushed for those committees to re-start.

The Canada-China committee hasn’t met since the pandemic began, while the public safety committee has met just twice.

The one-time disability payment — which originally was only going to benefit Canadians who qualify for the federal disability tax credit — will now also go to those receiving disability benefits through the Canada Pension Plan, the Quebec Pension Plan and Veterans Affairs Canada.

The Business Council of Canada welcomed the passage of the bill and the changes made to the federal wage subsidy.

“The revised program — expanding the eligibility requirements, extending the length of the program, and introducing a sliding scale for the wage subsidy — effectively transforms the [Canada Emergency Wage Subsidy] into a broadly based economic stimulus program,” said the council’s CEO Goldy Hyder in a statement.

 

Source: – CBC.ca

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Netflix’s subscriber growth slows as gains from password-sharing crackdown subside

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Netflix on Thursday reported that its subscriber growth slowed dramatically during the summer, a sign the huge gains from the video-streaming service’s crackdown on freeloading viewers is tapering off.

The 5.1 million subscribers that Netflix added during the July-September period represented a 42% decline from the total gained during the same time last year. Even so, the company’s revenue and profit rose at a faster pace than analysts had projected, according to FactSet Research.

Netflix ended September with 282.7 million worldwide subscribers — far more than any other streaming service.

The Los Gatos, California, company earned $2.36 billion, or $5.40 per share, a 41% increase from the same time last year. Revenue climbed 15% from a year ago to $9.82 billion. Netflix management predicted the company’s revenue will rise at the same 15% year-over-year pace during the October-December period, slightly than better than analysts have been expecting.

The strong financial performance in the past quarter coupled with the upbeat forecast eclipsed any worries about slowing subscriber growth. Netflix’s stock price surged nearly 4% in extended trading after the numbers came out, building upon a more than 40% increase in the company’s shares so far this year.

The past quarter’s subscriber gains were the lowest posted in any three-month period since the beginning of last year. That drop-off indicates Netflix is shifting to a new phase after reaping the benefits from a ban on the once-rampant practice of sharing account passwords that enabled an estimated 100 million people watch its popular service without paying for it.

The crackdown, triggered by a rare loss of subscribers coming out of the pandemic in 2022, helped Netflix add 57 million subscribers from June 2022 through this June — an average of more than 7 million per quarter, while many of its industry rivals have been struggling as households curbed their discretionary spending.

Netflix’s gains also were propelled by a low-priced version of its service that included commercials for the first time in its history. The company still is only getting a small fraction of its revenue from the 2-year-old advertising push, but Netflix is intensifying its focus on that segment of its business to help boost its profits.

In a letter to shareholder, Netflix reiterated previous cautionary notes about its expansion into advertising, though the low-priced option including commercials has become its fastest growing segment.

“We have much more work to do improving our offering for advertisers, which will be a priority over the next few years,” Netflix management wrote in the letter.

As part of its evolution, Netflix has been increasingly supplementing its lineup of scripted TV series and movies with live programming, such as a Labor Day spectacle featuring renowned glutton Joey Chestnut setting a world record for gorging on hot dogs in a showdown with his longtime nemesis Takeru Kobayashi.

Netflix will be trying to attract more viewer during the current quarter with a Nov. 15 fight pitting former heavyweight champion Mike Tyson against Jake Paul, a YouTube sensation turned boxer, and two National Football League games on Christmas Day.

The Canadian Press. All rights reserved.

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