Employers to feel brunt of change
Statistics Canada Photo
Canada’s population is aging so quickly that in a decade, there could be more people leaving the workforce than entering it, a factor that will pose major challenges for employers, Statistics Canada said yesterday.
Results of the 2006 census show that 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.
The aging workforce has caught the attention of Bank of Canada Governor David Dodge, who last month urged policymakers to knock down barriers to labour mobility and allow senior citizens to work longer. Despite the trend, Canada is the second-youngest country in the Group of Eight developed nations after the United States. But it has the oldest population in the Americas.
The number of people aged 80 years and over surpassed the one-million mark for the first time between 2001 and 2006.
The life expectancy of Canadians is 82.5 years for women and 77.7 years for men.
First time ever