11.8 per cent of Halifax workforce nearing retirement: census
Posted by lesmuise on March 5, 2008
By THE CANADIAN PRESS
Tue. Mar 4 - 1:55 PM
OTTAWA — Nearly 12 per cent of the workforce in the Halifax region is nearing retirement age, Statistics Canada reported Tuesday as it released new census data which shows a national trend of a declining rate of young people entering the workforce to replace retiring baby boomers.
Information from the 2006 census indicates 11.8 per cent of the workforce of the Halifax region was aged 55 to 64. Provincially, 13.2 per cent of the workforce was in the 55-64 age group and nationally the figure was 12.9.
Among that age group nearing retirement in the Halifax region, 22.6 per cent work in business, finance and administration occupations and 22.2 per cent work in sales and service occupations.
The median age of a worker in the Halifax region was 40.2 in 2006. In 2001, the last time the census was taken, the median age was 38.3. Nationally, the median age of a worker was 41.2, compared to 39.5 in 2001.
Statistics Canada defines median age as a middle value — the point where exactly one half of the working-age population is older than the median age and the other half is younger.
The census shows a continuing national trend of fewer young people entering the workforce to replace retiring baby boomers.
Across Canada, there were 1.9 entrants to the labour force aged 20-34 for every person over 55 on their way out. Five years ago, there were 2.7 entrants for every potential retiree and 25 years ago, the figure was 3.7 entrants.
The census numbers show that in 2006, there were 2.4 entrants to the labour force of Halifax region aged 20-34 for every person over 55 who was on their way out.
For several years, researchers have been warning about potential labour shortages across Canada based on the aging of baby boomers — those born between 1946 and 1964 — and lower fertility rates. Within the next three years, almost one-fifth of Canadian baby boomers will be at least 61 years of age.
Labour market analysts are predicting a widespread shortage of workers impacting a broad range of occupations.
A shortage of suitable workers can hurt a healthy economy because the labour market and economy are so tightly bound. When the ratio of workers arriving to the workplace dips below the number leaving it, it could create a drag on the economy and stagnate growth.
A recent report by the Conference Board of Canada put a price tag on job shortages: a projected shortage of 90,000 IT workers over the next five years will cost the economy an estimated $120,000 for each worker not replaced in each year. Other sectors of the workforce identified as particularly vulnerable to potential labour shortfalls include health care and skilled trades.
Finance Minister Jim Flaherty has said the federal government must find ways to help Canada hold onto its skilled workers and draw talented immigrants to cover the gaps.
In the Halifax area, the median age of workers in health occupations was 42.4. For those working in trades and related occupations, the median age was 42.5.
The census information released Tuesday also gives insight into the education levels of people in the Halifax region.
A total of 34.1 per cent of the population in the Halifax region aged 25-64 have attained a university certificate, diploma or degree. A further 22.0 per cent have a college diploma; 11.4 per cent earned a trade certificate; 20.2 per cent have nothing higher than a secondary school education and 12.3 per cent didn’t earn a high school diploma.
Among those in the Halifax area who are in the 25-34 age group and have probably entered the workforce, 14.8 per cent studied business/management/public administration. The next most popular field of study was architecture/engineering (11 per cent), followed by social sciences/law (10 per cent).
The census also showed that 6.1 per cent of the total employed workforce of the Halifax region worked at home in 2006. A total of 8.9 per cent of working population in the Halifax region was self-employed.
Statistics Canada also uses the census to find out about unpaid work, such as housework, child care or elderly care. In 2006, women in the Halifax region did more unpaid work than their male counterparts — 53.7 per cent among women to 46.3 per cent for men.
The census is conducted every five years by Statistics Canada and is based on information filled out by Canadians on May 16, 2006. The data released Tuesday on work and education follows information released earlier on overall population growth, families, age and sex breakdowns of the population, immigration and a look at the country’s aboriginal communities.
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