Canada’s labour force includes everyone who is 15 years of age and older. Labour force participants are individuals who are employed or on EI and are actively seeking employment. The major factors affecting Labour Force participation are economic conditions, the proportion of the population that is between birth and 15 years of age and older.
Statistics Canada provides low, moderate and high growth estimates for Canada’s future population. In 2030 Canada’s 10.1 million Baby Boomers will be between 65 and 84 years old. Current estimates for Canada’s population in 2030 are a low of 38.6 million, moderate of 41 million and a high of 43.6 million people. If we go with the moderate population growth number, in 2030 25% of the population will be 65 and older.
In the decade between 2008 and 2018, the proportion of the population between birth and 14 years of age has declined from 16.8% to 16.1% of the population. Over that period the overall population has grown by 11.2%, with the young growing by only 6.3% – less than half the rate of the rest of the population. Canada already has more people over the age of 65 than it does people younger than 15 and has a birth rate that is below replacement levels, which suggests that the Labour Force participation rate will continue to decline for at least the next decade.
There are several other challenges for workers and organizations resulting from the aging of the population. A topic for another blog in the next few weeks.
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