(Mt) – SOCI 3340 AU The Implication of Aging Workforce in Canada

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View attached explanation and answer. Let me know if you have any questions.1The Implication of Aging Workforce in CanadaStudent’s NameInstitutional AffiliationCourse Number/NameDate2IntroductionFor some time now, there’s been a steadily decreasing overall percentage of the workingage population who are either employed or jobless (aged 15 and older). The lowest yearly rate in17 years was 65.7 per cent in 2016. In the years leading up to the 2008/2009 recession, the rate ofCanadians taking part in the workforce fell by around 2 percentage points. Between 2007 and2016, the number of working-age persons climbed by 3.1 million, while only 1.6 million additionalpeople entered the workforce.At the same time, the number of senior citizens in Canada has increased at a rate neverbefore seen since the early 2000s. Increased life expectancy and a decrease in fertility rates haveled to an increase in the average age of the population and an increase in the proportion of persons55 and older (McDaniel et al., 2015). Because of the ageing of the baby boomer generation, thenumber of persons aged 55 and older has risen recently. People born between 1946 and 1965, whenbirth rates increased year after year following World War II, comprise this generation. From 51 to70 years of age, this group was in the group in 2016.There are ramifications for the labour market in population shifts caused by the ageingpopulation. As the proportion of elderly Canadians grows, the Canadian economy is likely to sufferlong periods of stagnant development due to the lack of growth in the population of youngerCanadians (Fields et al., 2017). Furthermore, government services like health care and Old-AgeSecurity must assist an ageing population. At the same time, a decrease in the proportion of peoplein their prime working years might lead to a reduction in the tax base. In addition, an olderworkforce may provide obstacles for companies, including shorter work hours, health concerns,and labour shortages. Even while participation rates for individuals 55 and older have increased,3it will not be enough to overcome the decline in core-age, and juvenile populations, whoseparticipation rates are substantially higher than those for those 55 and older (McDaniel et al.,2015). As a result, the ageing of the population is expected to have a significant impact onparticipation rates during the next fifteen years.The baby boom generation has a propensity to postpone retirement, although theirparticipation rates are still substantially lower than those of the core-age group. There is asignificant disparity in involvement between the ages of 55 and 64 and 65 and above. In 2016,66% of people 55 to 64 years old participated in the workforce, compared to 14% of those 65 andolder (McDaniel et al., 2015). Baby boomers, who are currently 65 and older, are expected tosignificantly influence the participation rate of the over 55…

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