Statistics Canada issues new report on aging of the nation

Canada’s population is aging so quickly that in a decade, therecould be more people leaving the work force than entering it, a factorwhich will pose major challenges for employers, Statistics Canada saidon Tuesday.  The central statistics agency, releasing the resultsof a 2006 census, said about one in seven Canadians was 65 or older,and the number of people reaching retirement was at a record high.  Low fertility rates and increased life expectancy has pushed up themedian age to 39.5 years from 37.6 in 2001, when the last census washeld.  “Population projections show that in about 10 years,Canada may have more people at the age where they can leave the laborforce than at the age where they can begin working. This presentsconsiderable challenges for Canadian employers and for society ingeneral,” Statscan said.  The aging work force has caught theattention of Bank of Canada Governor David Dodge, who last month urgedpolicymakers to knock down barriers to labor mobility and allow seniorcitizens to work longer.  Dodge said Canada’s potential rate ofgrowth would decline as the baby boom generation retired, which meansinflationary pressures could be triggered at a lower pace of growth.

Source:  Reuters Canada, http://ca.today.reuters.com/news/newsArticle.aspx?type=domesticNews&storyID=2007-07-17T160633Z_01_N17215147_RTRIDST_0_CANADA-AGING-COL.XML