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Is It Still Safe to Climb the Corporate Ladder?

Canada’s aging workforce has been very much in the news lately, particularly due to Stephan Harper’s public musings about changing the age of eligibility for Old Age Security benefits – effectively increasing the age of retirement for most people from 65 to 67.

  

Here are some compelling statistics about Canada’s population and labour force that may help to put the aging of our population into perspective:

 

     

  • By 2021, Statistics Canada is projecting that nearly 25% of the labour force could be aged 55 or over
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  • In fact, the number of senior citizens in our population could more than double in the next 20 yrs…. And that will have a dramatic impact on our economy…
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  • For example - in 1981 – there were 6 people in the workforce for every retiree but by 2031, that ratio is expected to be less than 3:1, due to a major slowdown in the growth rate of our labour force
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  • Another significant concern is the fact that by 2021, or even earlier, the percentage of our population over 65 will be greater than the percentage of the population 14 years old and under. This anticipated change in our demographics will dramatically decrease our capacity to replace workers as they retire.
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According to an article released by TD Economics on February 23, 2012 entitled "Older Workers STampede Into The Labour Market" Canadians aged 60 years and over account for 1/3 of all net job gains since July 2009. Please click on the link below to read the full report!

 

http://www.td.com/document/PDF/economics/special/ff0212_older_workers.pdf