It’s no secret that the COVID-19 pandemic has had a lasting effect on the way in which we spend our money and how much everything costs. From groceries to housing, to travel, the trajectory of pricing essential items and services is continuing to rise, and this also includes labour costs for various healthcare roles such as Pharmacists, Registered Nurses (RNs), Registered Practical Nurses (RPNs) and other frontline positions.
GROCERY, HOUSING, TRAVEL & COMMODITIES
Economic sources have predicted the overall average in food prices to rise 3%-5% in 2021, and based on that, it’s very likely that you’ve already noticed your grocery bills rising exponentially. This is a direct result of several factors, including border and distribution centre closures, unemployment, and labour shortages.
Additionally, the Canadian Real Estate Association (CREA) is predicting the national average home price to rise by more than 9% in 2021, which will potentially result in a large percentage of the population renting for many years to come. The price of commodities is also rising including oil, which has seen a 30% increase.
FRONTLINE HEALTHCARE WORKER PANDEMIC PAY
Many Pharmacists, Registered Nurses and Practical Nurses are receiving a top-up in their hourly rates and salaries, with overall increases of roughly 25%-30% since the beginning of the COVID-19 pandemic.
BROKEN SUPPLY CHAIN
With the increasing demand for Pharmacists, Registered Nurses and Practical Nurses, many frontline healthcare workers have decided to exercise caution and stay home, collecting payments from the Federal Government or Employment Insurance. This has created a significant shortage in resources available to support the daily growing need.
IN SUMMARY
While we may not see an end in sight to this COVID-19 pandemic, RPI will continue to go above and beyond managing this situation to our client’s benefit! Contact us today!
