Aging Workforce Means Higher Canadian Immigration Needed
As the age of employees rises in Canada, so does the retirement rate. This is causing challenges with the Canada Pension Plan contributions.
Immigration can play a significant role in balancing the labor workforce. As baby boomers retire, it creates pressure on businesses and governments. There are not as many contributing to the health-care system, although their expenses are likely to increase.
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In 2017, 35 percent of provincial spending on average was due to health care, and that percent is expected to increase to 40 percent by 2040, according to Conference Board data. If Canadian immigration rates were scaled back, it would raise health-care costs.
To balance the business and government challenges, the number of immigrants admitted into the country should be 450,000 annually until 2040.
If you are considering relocating to Canada, but don’t know where to begin, contact Canada Immigration Express.
The immigration consultants will offer you comprehensive and personalized advice.