New Statistics Canada study finds Canada's workforce is getting older

 

 

A new study by Statistics Canada finds that Canada's workforce is getting older, as the country transitions from a 'knowledge economy' to a 'wisdom economy.' Over the past two decades, the median age of the workforce in Canada has risen from 37.5 to 41.7. The number of workers aged 55 or older has more than doubled. For the first time in history, Canada has more adults over 65 than children under 18.

The largest number of older workers is in manufacturing, a sector that requires heavy physical labor. This is due to the decline in physical labor due to advances in technology. Canada's birth rate is at its lowest level in history (at 1.25 children per woman). As career and personal freedom become more important, nearly half of women between the ages of 20 and 49 are childless.

The high cost of raising children is forcing 35 percent of couples to reduce their retirement savings. This is forcing people to continue working even as they get older. Canada’s population is continuously declining. Experts suggest raising the retirement age to address this.

Nowadays, information and knowledge are easily accessible through the internet and artificial intelligence. However, companies now prioritize the ability of experienced people to deal with crises wisely and make sound decisions. Companies are keen to retain older employees because their years of work experience and ability to make sound decisions are something that cannot be easily replaced. This is a change that is visible not only in Canada but also globally.