A Royal Bank of Canada report says Ottawa will need to overhaul its immigration approach to boost productivity, address shortages. Read on.
Janzen used the finding to make the case that “poor recognition” of foreign credentials is an important hurdle to better utilizing immigrant skills to boost wealth-enhancing productivity. New Canadians tend to be younger and “more academically accomplished,” yet they do worse when it comes to finding a suitable job, exacerbating the“Having a larger workforce coming into the country … helps to offset some of the impacts of population aging on workforce growth,” said Janzen.
Royal Bank’s contribution to the immigration debate follows a series of public interventions in recent months by, chief executive of Canadian Imperial Bank of Commerce, who has been urging the federal government to think about immigration holistically, not just in terms of how many newcomers it accepts in a given year.
The federal government said that it is working on introducing new tools this year to better help the immigration system target sectors such as health care and construction that have the highest need for labour. Janzen said Royal Bank’s view is that some of the labour shortages in the market “won’t really ease” for another decade as a big “wave of the population” of baby boomers hits retirement age, an aspect that leads to more reliance on immigration.
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