The transportation industry is also grappling with a severe worker shortage, both because of the pandemic-driven frenzy for more goods and as the workforce ages. "It's a huge problem right now, because we've had so many that have retired unexpectedly," she said, citing the pandemic, working conditions and a wage dispute with Canada's largest province. Those were not jobs being cut, but rather people retiring, said Cathryn Hoy, president of the Ontario Nurses' Association. Since May, Canada has lost 34,400 jobs in healthcare even as a record number of nurses reported working overtime hours. The retirement problem is particularly dire in skilled fields like trades and nursing. Despite three straight months of job losses, job vacancies and postings remain well above pre-pandemic levels. There were 307,000 Canadians in August who had left their job in order to retire at some point in the last year, up 31.8% from one year earlier and 12.5% higher than in August 2019, before the onset of the pandemic, Statscan said.Īdding to the problem, more than 620,000 Canadians entered the 65+ age category during the pandemic, a 9.7% increase in that population group. One in five workers in Canada is 55 or older. Their departures are shrinking the labor force, which could weigh on economic growth at a time when the central bank is aggressively hiking interest rates to counter spiking inflation, fanning fears that the economy will fall into recession.Ĭanada - which has ramped up immigration to help drive economic growth - has the largest working-age population, as a percentage of the overall population, in the G7, but at the same time its labor force has never been older, according to Statscan. With restrictions now lifted, many are rushing to make up for lost time, choosing to travel and spend more time with family. So there's a loss of human capital and knowledge."ĭuring the pandemic, retirements fell as many Canadians decided to stay in their jobs longer. Any unused portion of a free trial period, if offered, will be forfeited when the user purchases a subscription to that publication."The risk you have, and in some sectors you're already seeing it, is that people are leaving without there being enough younger workers to take over. No cancellation of the current subscription is allowed during active subscription period. Auto-renewal may be turned off by going to the user’s iTunes Account Settings after purchase. Subscriptions may be managed by the user. Account will be charged for renewal within 24 hours of the end of the current period, and the cost of the renewal will be provided. Subscription automatically renews unless auto-renew is turned off at least 24 hours before the end of the current period. Payment will be charged to your iTunes account at confirmation of purchase.
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