More Immigrants to Canada needed to Save Pensions: Conference Board of Canada
Immigrants to Canada needed during labour shortage
The chief economist for the Conference Board of Canada said on Tuesday, April 13th that in order to increase productivity in assisting with pension payments, the number of immigrants allowed annually into Canada needs to be increased by 100,000. Currently, that number is approximately 250,000
This increased number of immigrants is needed to offset the high number of baby boomers set to retire in the coming years and help stabilize the Canadian Pension Program, helping it recover from the pensions these boomers will be receiving.
The remarks were made by Glen Hodgson at the Summit on the Future of Pensions, held by the Conference Board of Canada.
“As all the boomers get ready to retire, as we look to new entrants (contributing to the pension plan), we won’t have any where near the same numbers of entrants from the born in Canada population,” said Hodgson, who also mentioned that the government really needs to begin looking at allowing more immigrants in to the country.
The labour force in Canada is expected to grow much slower, with many more people will be using pension plans but far less people will be contributing towards them.
“We’ll have fewer workers coming in to feed the system…that’s going to suck the life out of our economy,” said Hodgson.
Due to slower population growth along with smaller families and an aging population in Canada, immigration to Canada will be the only source of population growth in the coming decades and will eventually be the major source of the country’s labour force
Countries in Europe as well as Japan have increased the age limit to make retires wait longer before being able to access their retirement programs, but having older Canadians work longer isn’t an appropriate answer according the Hodgson. The pension plan crisis will be upon us sooner rather than later, as the Conference Board conducted a survey earlier this year that proved only one in three Canadians had considered retiring later due to the recession.
Questions about immigrating to Canada? Contact Niren and Associates immigration law firm today.[gravityform id=1 name=Havea Question? ]
The content and comments of this blog are not legal advise and and may not be accurate or complete. If you require legal advice, contact a licensed legal practitioner directly. If you post on this blog, you assume full responsibility for disclosing your identity to the public and VisaPlace nor its affiliates are not responsible for protecting your privacy nor your identity concerning your participation in our blog and you assume any risks in participating.
Migrating is a hard task for anyone. Finding a job is even harder. Once I got a job offer, things started moving rapidly. So, I called used VisaPlace (Niren and associates) to assist with the process. Rania and Richard deserve the utmost respect in getting the job done. They have been patient with me and some set backs. Very professional.! Hands down, money was well spent. Thanks Rania and Richard, you make an awesome team. You'll definitely have a repeat customer with me !! I was very impressed at how well they were organized and had a positive experience. Very good and professional work led to a successful outcome. I highly recommend using VisaPlace.
I'll like to say I had an awesome initial consultation with Rania Abboud. She was knowledgeable, made the initial process easy and understood my situation. I am excited and hopeful to continue consulting this company. You do a great job for immigrants. Also, Natalie Walcz was great, she handled my situation professionally. Great team. Definitely assets to your company.
Completely smooth process. Rania did a great job in my Canada work permit. The team is absolutely competent and knowledgeable. Alicea was so amazing and was able to answer any of my questions immediately. I had peace of mind throughout the application. I would recommend them to other friends looking for assistance with their applications.