The proportion of seniors in the Canadian workforce is growing fast and will have a major impact on employers, according to a Statistics Canada report.
The report—Portrait of the Canadian Population in 2006, by Age and Sex: Findings—finds that the number of people aged 55 to 64 has never been so high, at nearly 3.7 million in 2006. They make up 16.9% of the working-age population, or about one potential worker in six, compared with 14.1% in 2001.
It’s expected that the number of people in that age group will continue to grow over the next few years and could represent more than 20% of the working-age population in 2016.
The ratio of the 15 to 24 age group, people about to enter the labour market, to the 55 to 64 age group, people approaching retirement, was 1.1 in 2006. In 1976, the ratio was 2.3.
According to the population projections’ medium-growth scenario, in about 10 years Canada may have more people at the age where they can leave the labour force than people at the age where they can begin working.
“These rapid changes in the working-age population present many challenges for Canadian employers, who will have to adjust to a high rate of turnover among their employees,” says the report. “Knowledge transfer, employee retention, the health of older workers and continuous training for employees will also be key labour force issues in the future.”
To read the report, click here.
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