April 1, 2020
Hope everyone is safe & following Social Distance Guideline .I work in 🏦 Bank Collections & have gathered this information to help individuals regarding payment Deferral on credit cards and other Bank Products ( like Mtg ,Car loan ,Personal loans ) . Feel free to ask any question or contact your Bank directly .
Bank of Canada lowered its prime rate (for the third time in March), and Canada’s big banks have rallied together to offer mortgage payment deferrals for people facing financial hardship. It’s all in response to COVID-19 and the unprecedented impact it’s having on the economy and our wallets.
But what about credit cards, the type of credit most Canadians rely on everyday? Here’s how some of Canada’s banks are helping those in a cash crunch.
. Some banks are offering temporary credit card relief in the form of payment deferrals – letting you postpone monthly minimum payments.
Credit card deferrals can offer some much-needed short-term support if finances are tight – but it’s not debt relief. Interest will still accrue during the deferral period and owed once it ends.
Banks aren’t explicitly saying who’s eligible for payment deferrals, but that people will be evaluated on a case-by-case basis.
Your credit score shouldn’t be impacted by a deferral.
If deferral isn’t an option, most banks are offering at least some form of support like increasing credit limits or arranging new loans to improve cash flow.
Banks are currently inundated with calls and prioritizing people who have payments looming within the next few days, so tap your online banking app, schedule appointments in advance whenever possible, and be prepared to be put on hold over the phone for a while.
On March 26, reports confirm the federal government is asking credit card companies to lower interest rates for those facing financial hardships due to COVID-19. News is still developing.
The situation surrounding the COVID-19 pandemic is unfolding rapidly and banking policies may change. Contact your card issuer for details.
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Canada Emergency Response Benefit
If you’re struggling to keep up with credit card bills because your hours were reduced or you lost your job due to financial stress caused by COVID-19, you’ll want to read up on the Canada Emergency Response Benefit (CERB). CERB is a form of unemployment insurance that can offer you up to $2,000 per month for four months if you’re self-employed, under contract, or a full-time employee who’s temporarily out of work due to COVID-19.
Emotional Intelligence Has 12 Elements. Which Do You Need to Work On?
Esther is a well-liked manager of a small team. Kind and respectful, she is sensitive to the needs of others. She is a problem solver; she tends to see setbacks as opportunities. She’s always engaged and is a source of calm to her colleagues. Her manager feels lucky to have such an easy direct report to work with and often compliments Esther on her high levels of emotional intelligence, or EI. And Esther indeed counts EI as one of her strengths; she’s grateful for at least one thing she doesn’t have to work on as part of her leadership development. It’s strange, though — even with her positive outlook, Esther is starting to feel stuck in her career. She just hasn’t been able to demonstrate the kind of performance her company is looking for. So much for emotional intelligence, she’s starting to think.
The trap that has ensnared Esther and her manager is a common one: They are defining emotional intelligence much too narrowly. Because they’re focusing only on Esther’s sociability, sensitivity, and likability, they’re missing critical elements of emotional intelligence that could make her a stronger, more effective leader. A recent HBR article highlights the skills that a kind, positive manager like Esther might lack: the ability to deliver difficult feedback to employees, the courage to ruffle feathers and drive change, the creativity to think outside the box. But these gaps aren’t a result of Esther’s emotional intelligence; they’re simply evidence that her EI skills are uneven. In the model of EI and leadership excellence that we have developed over 30 years of studying the strengths of outstanding leaders, we’ve found that having a well-balanced array of specific EI capabilities actually prepares a leader for exactly these kinds of tough challenges.
There are many models of emotional intelligence, each with its own set of abilities; they are often lumped together as “EQ” in the popular vernacular. We prefer “EI,” which we define as comprising four domains: self-awareness, self-management, social awareness, and relationship management. Nested within each domain are twelve EI competencies, learned and learnable capabilities that allow outstanding performance at work or as a leader (see the image below). These include areas in which Esther is clearly strong: empathy, positive outlook, and self-control. But they also include crucial abilities such as achievement, influence, conflict management, teamwork and inspirational leadership. These skills require just as much engagement with emotions as the first set, and should be just as much a part of any aspiring leader’s development priorities.
For example, if Esther had strength in conflict management, she would be skilled in giving people unpleasant feedback. And if she were more inclined to influence, she would want to provide that difficult feedback as a way to lead her direct reports and help them grow. Say, for example, that Esther has a peer who is overbearing and abrasive. Rather than smoothing over every interaction, with a broader balance of EI skills she could bring up the issue to her colleague directly, drawing on emotional self-control to keep her own reactivity at bay while telling him what, specifically, does not work in his style. Bringing simmering issues to the surface goes to the core of conflict management. Esther could also draw on influence strategy to explain to her colleague that she wants to see him succeed, and that if he monitored how his style impacted those around him he would understand how a change would help everyone.
Similarly, if Esther had developed her inspirational leadership competence, she would be more successful at driving change. A leader with this strength can articulate a vision or mission that resonates emotionally with both themselves and those they lead, which is a key ingredient in marshaling the motivation essential for going in a new direction. Indeed, several studies have found a strong association between EI, driving change, and visionary leadership.
In order to excel, leaders need to develop a balance of strengths across the suite of EI competencies. When they do that, excellent business results follow.
How can you tell where your EI needs improvement — especially if you feel that it’s strong in some areas?
Simply reviewing the 12 competencies in your mind can give you a sense of where you might need some development. There are a number of formal models of EI, and many of them come with their own assessment tools. When choosing a tool to use, consider how well it predicts leadership outcomes. Some assess how you see yourself; these correlate highly with personality tests, which also tap into a person’s “self-schema.” Others, like that of Yale University president Peter Salovey and his colleagues, define EI as an ability; their test, the MSCEIT (a commercially available product), correlates more highly with IQ than any other EI test.
We recommend comprehensive 360-degree assessments, which collect both self-ratings and the views of others who know you well. This external feedback is particularly helpful for evaluating all areas of EI, including self-awareness (how would you know that you are not self-aware?). You can get a rough gauge of where your strengths and weaknesses lie by asking those who work with you to give you feedback. The more people you ask, the better a picture you get.
Formal 360-degree assessments, which incorporate systematic, anonymous observations of your behavior by people who work with you, have been found to not correlate well with IQ or personality, but they are the best predictors of a leader’s effectiveness, actual business performance, engagement, and job (and life) satisfaction. Into this category fall our own model and the Emotional and Social Competency Inventory, or ESCI 360, a commercially available assessment we developed with Korn Ferry Hay Group to gauge the 12 EI competencies, which rely on how others rate observable behaviors in evaluating a leader. The larger the gap between a leader’s self-ratings and how others see them, research finds, the fewer EI strengths the leader actually shows, and the poorer the business results.
These assessments are critical to a full evaluation of your EI, but even understanding that these 12 competencies are all a part of your emotional intelligence is an important first step in addressing areas where your EI is at its weakest. Coaching is the most effective method for improving in areas of EI deficit. Having expert support during your ups and downs as you practice operating in a new way is invaluable.
Even people with many apparent leadership strengths can stand to better understand those areas of EI where we have room to grow. Don’t shortchange your development as a leader by assuming that EI is all about being sweet and chipper, or that your EI is perfect if you are — or, even worse, assume that EI can’t help you excel in your career.
Daniel Goleman is Co-Director of the Consortium for Research on Emotional Intelligence in Organizations at Rutgers University, co-author of Primal Leadership: Leading with Emotional Intelligence, and author of The Brain and Emotional Intelligence: New Insights and Leadership: Selected Writings. His latest book is A Force For Good: The Dalai Lama’s Vision for Our World.
Richard E. Boyatzis is a Professor in the Departments of Organizational Behavior, Psychology, and Cognitive Science at the Weatherhead School of Management and Distinguished University Professor at Case Western Reserve University.
Don’t interrupt or change the subject. If feelings are uncomfortable, we may want to avoid them by interrupting or distracting ourselves. Sit down at least twice a day and ask, “How am I feeling?” It may take a little time for the feelings to arise. Allow yourself that small space of time, uninterrupted.
Don’t judge or edit your feelings too quickly. Try not to dismiss your feelings before you have a chance to think them through. Healthy emotions often rise and fall in a wave, rising, peaking, and fading naturally. Your aim should be not to cut off the wave before it peaks.
See if you can find connections between your feelings and other times you have felt the same way. When a difficult feeling arises, ask yourself, “When have I felt this feeling before?” Doing this may help you to realize if your current emotional state is reflective of the current situation, or of another time in your past.
Connect your feelings with your thoughts. When you feel something that strikes you as out of the ordinary, it is always useful to ask, “What do I think about that?” Often times, one of our feelings will contradict others. That’s normal. Listening to your feelings is like listening to all the witnesses in a court case. Only by admitting all the evidence will you be able to reach the best verdict.
Listen to your body. A knot in your stomach while driving to work may be a clue that your job is a source of stress. A flutter of the heart when you pick up a girl you have just started to date may be a clue that this could be “the real thing.” Listening to these sensations and the underlying feelings that they signal will allow you to process with your powers of reason.
If you don’t know how you’re feeling, ask someone else. People seldom realize that others are able to judge how they are feeling. Ask someone who knows you (and whom you trust) how you are coming across. You may find the answer both surprising and illuminating.
Tune in to your unconscious feelings. How can you become more aware of your unconscious feelings? Try free association. While in a relaxed state, allow your thoughts to roam freely and watch where they go. Analyze your dreams. Keep a notebook and pen at the side of your bed and jot down your dreams as soon as you wake up. Pay special attention to dreams that repeat or are charged with powerful emotion.
Ask yourself: How do I feel today? Start by rating your overall sense of well-being on a scale of 0 and 100 and write the scores down in a daily log book. If your feelings seem extreme one day, take a minute or two to think about any ideas or associations that seem to be connected with the feeling.
Write thoughts and feelings down. Research has shown that writing down your thoughts and feelings can help profoundly. A simple exercise like this could take only a few hours per week.
Know when enough is enough. There comes a time to stop looking inward; learn when it’s time to shift your focus outward. Studies have shown that encouraging people to dwell upon negative feelings can amplify these feelings. Emotional intelligence involves not only the ability to look within, but also to be present in the world around you.
The Record of Employment (ROE) is a mandatory form required by the Federal government after an employee experiences an interruption of earnings of seven days or more. An interruption of earnings may happen for a variety of reasons including planned or unplanned absences like termination, sickness and maternity and/or parental leave, which may also require the administration of special payments by employers. Administering the ROE remains a top challenge for payroll, accounting and HR practitioners, according to survey results.