There is no question that the Canadian population is aging. We have been aware that at some point we would have to face that issue. That time is now. The real issue is how will this impact the Canadian population? Obviously we can expect social program costs to increase, health care costs to increase, and the financing of public pension plans to change. A labour market shortage will consequently be a major side effect of this population maturity. It is important to recognize that an aging labour market implies an increased level of retirement. As the baby boomer generation finally leaves the workforce it will leave gaping holes of skilled employees. Somehow we must find a way to fill these gaps.
As Canada’s population ages it will affect the nation’s ability to provide the talent and skills needed to build and sustain a productive economy. However, this gap will not be the same across all areas and industries. Obviously, companies or industries with a higher concentration of older workers will have a larger gap to fill.