Aging Canadian Population
As the baby boom generation is getting older and retiring, there is a need for people to replace them. Are there enough people? At this point, no. The generation of echo boomers will be replacing the baby boomers. However, there are less echo boomers, so they will need to work extra hard. With a decreasing labour participation rate, there are more opportunities available. According to the articles listed below, the percentage of working-age Canadians will begin to drop in 2011. What does this mean? For me, because I belong to the echo boom generation, I aim to graduate in 2010, leaving me with one year to further my education; an MBA or a CHRP designation would be wise. For everyone else, the people employed after 2011 will need to be extremely productive. I would suggest that we prepare ourselves for the future.
In summary, to avoid problems of the aging population, here are some necessary changes:
- Have more children (Yes, more sex! [But be reasonable here])
- Increase productivity
- Keep old people working
It is evident that the government has begun to make changes, such as eliminating mandatory retirement at the age of 65, but that only works for the service industry. It is difficult for labour workers in the manufacturing industry to not retire due to some physically demanding jobs. All in all, productivity is the most significant factor to consider.
Sources:
Bank of Canada – Remarks by David Dodge – Demographics, Labour Input, and Economic Potential: Implications for Monetary Policy
Sympatico / MSN Finance – Aging boomers starting to lower economic growth, and it’ll get worse
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