A Billion dollars in Unclaimed Funds would make for a nice Economic Action Plan in Canada
Let’s not promote youth working for free…Let’s put the $1 Billion in Unclaimed financial assets that the Bank of Canada is sitting on to work to spur economic action
While it’s great that Governor Poloz recognizes the problem of youth unemployment it’s concerning that the best idea that he seems to have for the estimated 200,000 jobless or under-employed youth is to advise them to work for free. I’m the first to support the value in volunteering but he has gone further than that & supported unpaid internships…so I must disagree.
It seems an insensitive and unsympathetic solution to the problem of thousands of youth many with undergraduate and/or advanced degrees to take unpaid internships. He seems to suggest that it’s ok to subvert “minimum-wage” laws and most specifically to ignore the fact that unless those unpaid internships are part of a college or university program, such positions are actually illegal in certain jurisdictions in Canada like Ontario where he lives and works
Unpaid internships unrelated to academic study devalue the skills and abilities of youth. There’s a more obvious problem as well. How many jobless youth can afford to “donate” their efforts without pay especially those without the advantage of parents who can carry them or those youth who have high student debt loads ?
Unpaid internships may work for the privileged few but let’s be honest…many of those internships are exploitive. They are too often used by employers taking advantage of a tight job market with little or no training in return for free labour and a bump to their bottom line
Unpaid internships are not the answer Governor Poloz is are seeking. But here are some suggestions :
*Gather real input about the kinds of well-trained, younger workers Canada needs to grow our economy.
*Support youth entrepreneurship which should start in high school and include financial literacy education
*It’s 2014. Put technology to work to do a better job of matching required skills and jobs in the short and long term future against current education & training programs. Most successful businesses have 3-10 year plans. Please ask them about those plans. Isn’t Stats Canada in-taking a lot of this information already? If we did a better job of this and if educators were required to listen, perhaps we would not have for example a 7 year waiting list of fresh, young, highly skilled teachers looking for part time or full time positions while at the same time, growing this waiting list each year.
*Unleash the $1 Billion in unclaimed financial assets currently being held by the Bank of Canada in the form of unclaimed bank accounts and savings bonds and spur some real economic action. It’s Canada’s “under the radar, Economic Action Plan in Waiting” that no one talks about
*At the very least hire an unemployed youth or 2 (as I suggested to you earlier this year) to build a searchable database so Canadians can locate $420 Million in unclaimed Canada Savings Bonds that lie buried in the Bank of Canada and promote the searchable database that includes $532 Million in unclaimed bank accounts that does exist.