What happens to the size of Canada's labour force after the last boomer hits 65 will depend on immigration numbers, Statistics Canada analysts say.
"Keeping older workers employed in Canada could have a non-negligible impact on the future overall participation rate ," Statistics Canada analysts say. The proportion of people in Canada working or actively seeking work will continue to decline until 2030, when the entire baby boom cohort has reached retirement age, Statistics Canada projections show.
There’s a simple reason why a declining participation rate is undesirable, says Moshe Lander, a senior lecturer in economics at Concordia University. “If you have a higher labour force participation rate, you're likely to have a higher standard of living for your economy.”“Remember that a welfare state is paid for by working people, and so what you have is essentially a subsidization program where people who are working are subsidizing those who are not.
The participation rate among older Canadians has “risen significantly over the past two decades, especially among women,” the analysts write. “The continuation of these upward trends in the participation rate of older people could have a significant impact on the size, composition and demographic weight of the labour force.
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