Empowering Futures — Student Work Placement Program
Highlights
This program is a fantastic opportunity for your business to grow and thrive. By participating, you can receive up to $7,000 in wage subsidies for each new Work-Integrated Learning (WIL) opportunity you create for students. This financial support can help you minimize the costs of hiring, allowing you to bring fresh talent into your organization without the usual financial burden.
Key Benefits:
- Financial Incentives: Up to $7,000 per placement to offset student wages.
- Talent Pipeline: Build a future workforce by integrating students into your business.
- Risk Mitigation: Try out potential future employees with reduced financial risk.
Why This Program Stands Out:
- Government-Backed: This program is funded by the Government of Canada, ensuring reliability and support.
- Flexible Financing: The subsidies cover up to 70% of a student's gross pay, making it more generous than many other funding options.
- Ease of Qualification: The application process is straightforward, with a processing time of up to 10 business days.
By getting approved, you can enhance your workforce, reduce hiring costs, and contribute to the development of the next generation of professionals in the electricity sector.
Financing Details
Type of Financing: Wage Subsidy
Repayment Terms and Interest Rates:
- There are no repayment terms or interest rates. This is a subsidy, not a loan.
Eligible Expenses:
- The subsidy can be used to cover up to 70% of the student's gross wages, with a maximum of $7,000 per placement.
- Eligible expenses include wages for students in science, technology, engineering, mathematics, arts, or business programs.
Ineligible Expenses:
- The funds cannot be used to pay for wages that are already funded by another federally funded program.
- The subsidy cannot be used for recruiting and retaining friends or family members unless a sufficient nepotism policy is in place.
Fees:
- There are no fees associated with this program.
Qualifications
- Must be a Canadian-owned company.
Must be in the electricity sector, including:
- Generation, transmission, and distribution of electricity.
- Sector support, including renewables, in areas like R & D, business development, energy efficiency.
- Manufacturing of equipment or provision of services necessary for generation, transmission, or distribution.
Disqualifications:
- Post-secondary institutions are not eligible.
Description
This program offers your business up to $7,000 in financial incentives. This money is to help you create new Work-Integrated Learning (WIL) opportunities for students.
You can use this funding to:
- Hire students for co-op positions
- Offer internships
- Create other work placements related to their studies
The standard subsidy covers 50% of the student's gross pay, up to a maximum of $5,000 per placement. If the student is a first-year student, a woman in STEM, a newcomer to Canada, a person with disabilities, or an Indigenous person, the subsidy increases to 70% of their gross pay, up to $7,000 per placement.
This program helps you minimize the financial risk of hiring students. It also allows you to build a talent pipeline and strengthen your future workforce.
Program Steps
Gather Required Documentation: Prepare the necessary documents for your application. You will need:
- Proof of co-op placement employment
- Start date and contract with the participant
- Full wage and benefits details of the participant
- Monthly financial claims and progress reports for each student
Submit Employer Application: Complete and submit the employer application form through the program's online portal.
Participant Eligibility Form: Ensure the participant sends their eligibility form to confirm they meet the criteria.
Wait for Processing: Allow up to 10 business days for your application to be processed.
Sign Contract: If approved, sign the contract provided by the program. This contract must be signed by the employer, participant, and the program representative.
Create a Learning Plan: Develop a Formal Learning Plan with the participant before the start of the placement.
Submit Monthly Claims: Regularly submit monthly financial claims and progress reports to the program for reimbursement.
Complete Evaluation Surveys: At the end of the funded placement, both the employer and the participant must complete evaluation surveys to provide feedback on the program.