Canada's Real Problem Is Not Job Losses, It's the Rush to Retire

More than a year after the Great Resignation took hold in the United States, Canada is grappling with its own greyer version: The Great Retirement, Reuters reported. Canada's labor force grew in August, but it fell the previous two months and remains smaller than before the summer as tens of thousands of people simply stopped working. Much of this can be chalked up to more Canadians than ever retiring, said Statistics Canada. It is not just the 65-and-over crowd packing up their offices and hanging up their tool belts. A record number of Canadians aged 55-64 are now reporting they retired in the last 12 months, Statscan data shows. That is hastening a mass exodus of Canada's most highly skilled workers, leaving businesses scrambling, helping push wages sharply higher and threatening to further drag down the country's sagging productivity, economists say. Read more.
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