Canada’s working-age population is older than it once was, with more than one in five working adults now on the verge of retiring in a demographic change that will pose significant challenges to Canada’s workforce over the next decade, according to new census data released on Wednesday.
Calling it a “meeting with demographics,” Laurent Martel, director of the Center for Demography at Canadian Statistics, said, “Canada is in a very special place right now” in its demographic history.
“There are very big consequences to this situation and it is certainly one of the factors explaining the current labor shortage that Canada is experiencing.
The Canadian population now has a higher proportion of people aged 55 to 64 than those aged 15 to 24, the age at which people enter the workforce.
In 1966, there were 200 people aged 15 to 24 for every 100 Canadians aged 55 to 64, but now it’s reversed. In 2021, there were only 81 people aged 15 to 24 for every 100 Canadians in the 55-64 age group.
“There are challenges related to the older workforce, including knowledge transfer, retaining experienced staff and rejuvenating the workforce,” the agency said in a statement.
Statistics from Canada say that this trend can be slowed down by immigration, but “an increase in immigration – even large – will not significantly limit this projected decline.”
The 2021 census says that while declining birth rates and increased life expectancy are important factors, the only major driver of Canada’s aging population is the continued retirement of baby boomers (Canadians born between 1946 and 1965). .), which started in 2011.
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