Statistics Canada issues new report on aging of the nation

Posted In: Employer Resources, Employment News · By: Ian Dimerman · Date: 17 Jul 2007

Canada's population is aging so quickly that in a decade, there could be more people leaving the work force than entering it, a factor which will pose major challenges for employers, Statistics Canada said on Tuesday. The central statistics agency, releasing the results of a 2006 census, said about one in seven Canadians was 65 or older, and the number of people reaching retirement was at a record high. Low fertility rates and increased life expectancy has pushed up the median age to 39.5 years from 37.6 in 2001, when the last census was held. "Population projections show that in about 10 years, Canada may have more people at the age where they can leave the labor force than at the age where they can begin working. This presents considerable challenges for Canadian employers and for society in general," Statscan said. The aging work force has caught the attention of Bank of Canada Governor David Dodge, who last month urged policymakers to knock down barriers to labor mobility and allow senior citizens to work longer. Dodge said Canada's potential rate of growth would decline as the baby boom generation retired, which means inflationary pressures could be triggered at a lower pace of growth.

Source: Reuters Canada, http://ca.today.reuters.com/news/newsArticle.aspx?type=domesticNews&storyID=2007-07-17T160633Z_01_N17215147_RTRIDST_0_CANADA-AGING-COL.XML