Canadas baby boom generation is aging and beginning

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Canada’s ‘baby boom; generation is aging and beginning to retire from the labour force - Governments are concerned there will not be enough replacement workers to earn money and pay taxed to support social programs - A retired baby boom generation will out some strain on public pension plans and the public health care system - One solution to this problem is to increase immigration levels to bring more young workers
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- In SK, a large percentage of the aboriginal population is young, and the challenge is to educate these people and bring more of them into the labour force Credential Inflation and Job Qualification - It is becoming more difficult for people with lower levels of education to find jobs - The number of jobs that can be filled by high school dropouts is shrinking - A four-year university degree is no longer sufficient for some professional occupations - Applying for a job tends to be a formal and bureaucratic process; unless you have impressive credentials and work experience, you stand little chance of getting hired Occupational Mobility - Getting higher levels of education and preparing for careers leads people to expect employment that will involve moving into higher positions that offer higher incomes - But with the way workplaces are changing nowadays, jobs may be eliminated or workers may end up changing jobs without being promoted There is also a possibility of downward mobility, as some professionals, managers, and skilled tradespeople end up taking lower paying and less skilled jobs due to downsizing, automation, or outsourcing in their former occupations Regional Shifts in Employment Opportunities - Ontario and Quebec used to be major centres for employment opportunities in Canada - Nationalism and protection of the French language has driven some economic activity out of Quebec - Ontario’s economy was largely dependent on manufacturing; relocation of manufacturing to countries with cheap labour and a downturn in the US economy have diminished employment in this sector - The western provinces, which are rich in resources, have been attracting more workers; unemployment in SK is now lower than the national average Wage, Debt, and Inflation - In spite of Canada’s relatively high standard of living, wages have not kept pace with inflation and increasing worker productivity over the last thirty years; high income earners are doing well, but much of the working class seems to be just getting by - The total amount of consumer debt in Canada is comparable to the amount of debt owed by federal and provincial governments - Young families are being encouraged to buy new durable goods such as houses, cars, furniture, and appliances; these goods are very expensive and they put people firther into debt Early Retirement - In the 1990s, at about In the 1990s, at about the time the high-tech sector of the economy led to an increase in investment activity, the baby boom generation was encouraged to put more money into their retirement plans and but mutual funds - With all that investment, some financial planners said that people could retire early (say, at age 55)
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