Canada increases settlement fund requirement for Express Entry applicants: Check details here
Canada has increased the amount of settlement funds required for skilled workers to be eligible to apply for permanent residency programs under the Express Entry system. As per the report, Candidates must prove they have the required funds in order to qualify for permanent residence programs. The amounts are used for some Express Entry-linked programs, plus many other programs, including the Start-Up Visa. The new rules only apply to skilled workers under the Federal Skilled Worker (FSW) and Federal Skilled Trades (FST) programs.
How Much Settlement Funds Are Required?
The amount required depends on the size of the applicant’s family. This includes the applicant, the spouse or common-law partner (if applicable), and any dependent children. The authorities revise these amounts each year.
Number of Family Members and Funds Required
1 – $13,757
2 – $17,127
3 – $21,055
4- $25,564
5 – $28,994
6- $32,700
7- $36,407
Each additional family member- $3,706
Meanwhile, Canada is all set to increase minimum wage rates in October 2023. From October 1, as many as six provinces across Canada will raise regional minimum wage rates.
The federal minimum wage in Canada increased from $15.55 to $16.65 at the beginning of this month, and this change created a big impact as Employment and Social Development Canada (ESDC) revealed that “around 26,000 working Canadians earn less than $15.55 per hour.”
The federal minimum wage increase coincides with the regional minimum wage increases occurring in more than half of Canada’s provinces.
