Retirements are shrinking Canada's labor force, which could weigh on economic growth at a time when the central bank is aggressively hiking interest rates to counter spiking inflation.
Canada – which has ramped up immigration to help drive economic growth – has the largest working-age population, as a percentage of the overall population, in the G7, but at the same time its labor force has never been older, according to Statscan. One in five workers in Canada is 55 or older.
Adding to the problem, more than 620,000 Canadians entered the 65+ age category during the pandemic, a 9.7% increase in that population group. Despite three straight months of job losses, job vacancies and postings remain well above pre-pandemic levels.The retirement problem is particularly dire in skilled fields like trades and nursing. Since May, Canada has lost 34,400 jobs in health care even as a record number of nurses reported working overtime hours.
“It’s a huge problem right now, because we’ve had so many that have retired unexpectedly,” she said, citing the pandemic, working conditions, and a wage dispute with Canada’s largest province. “More and more drivers are aging and therefore retiring or contemplating different lifestyle,” said Tony Reeder, owner of Trans-Canada College, a career college that trains transport truck drivers.
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