Canada’s working-age population is at an all-time high, with more than one in five working adults now set to retire in a population change that will pose significant challenges to Canadian workers in the coming decade, according to new census figures released on Wednesday.
Calling this a “date with population rule”, Laurent Martell, director of Canada’s Population Center, said in its demographic history that “Canada is now in a very special place”.
“This situation has huge implications, and it is a factor that explains the current labor shortage that Canada is experiencing.”
The Canadian population is 55 to 64 years older than 15 to 24 year olds.
In 1966, for every 100 Canadians aged 55 to 64, there were 200 people aged 15 to 24, but that has now been reversed. In 2021, there were only 81 people aged 15 to 24 for every 100 Canadians aged 55 to 64.
“There are challenges associated with older employees, including knowledge transfer, retaining experienced staff and staff renewal,” the company said in a statement.
Statistics from Canada suggest that this trend could be mitigated by immigration, but that “an increase in immigration – even large – will not significantly curb this planned decline.”
The 2021 Census says that key factors in fertility rates and increased life expectancy are the continued retirement of child boomers (Canadians born between 1946 and 1965) who began the most important driver of Canada’s aging population in 2011.
Despite this news, Statistics Canada estimates that the age of working age in the G7, next to the United States and the United Kingdom, is 64.8 percent, with people aged 15 to 64 compared to Japan. , Which is less than 60 percent.
In the United States, it is the result of a slightly younger employee fertility rate, while in the UK, it is a combination of a higher fertility rate and a relatively small number of baby boomers, statistics Canada said.
Statistics from Canada show that a significant amount of aging is not limited to Canada’s employees, but the population as a whole.
From 2016 to 2021, the number of Canadians aged 65 and over rose by 18.3 per cent to seven million, the second-largest increase in 75 years, after the increase recorded from 2011 to 2016, by more than 20 per cent.
Seven million Canadians make up 19 percent of the population aged 65 and over, up from 16.9 percent in the last census.
A closer look shows that the number of Canadians aged 85 and over has risen by almost 12 percent during the last census, while Canadians over the age of 100 have risen by more than 15 percent.
“Over the next 30 years, the number of people aged 85 and over will triple from 861,000 to 2.7 million,” the company said.
Statistics Canada Census By 2051, about a quarter of the population will be 65 and older and may include approximately 12 million people.