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Toronto, ON – December 13, 2017 – Greater engagement of older workers in Canada, those aged 55-69, could lead to US$51.3 billion in GDP growth among other economic benefits in Canada, according to the PwC Golden Age Index. Canada, which ranks 16th out of 34 OECD countries, has a lower employment rate amongst older workers than notable OECD countries including Korea, Germany, Japan, and Sweden. According to the report, those over the age of 65 will constitute 23% of the Canadian population by 2031. The number of Canadian workers over the age 65 has drastically increased by 140% over the past decade.
Automation is of particular concern for older workers. Those who do not have the right digital skills are at risk of being negatively impacted over the next 10 to 20 years, with an anticipated decrease in employment levels for this age bracket, as the economy demands workers with greater digital skills - jobs that are often filled by younger workers.
“Canada’s remains in the middle of the pack of OECD countries when it comes to realizing the value of older workers, leaving room for much needed improvement,” says Karen Forward, Partner, People & Organization, PwC Canada. “Addressing how older workers can actively participate in the labour workforce and implementing supportive work environments and policies are key to Canada’s future economic prosperity. Improvements are possible when there is a cultural shift - there is an opportunity for organizations to lead the way by innovating their development programs, and creating a sustainable work environment that contributes to the quality of life of its workers.”
The PwC Golden Age Index is a weighted average of seven measures, including employment rate of workers 55-64, gender gap in employment 55-64, participation in training 55-64, employment rate 65-69, effective labour force exit age 55-64, incidence of part-time work, and full-time earning 55-64.
The report takes findings a step further and outlines three clear action items, and their benefits, to help increase engagement of older workers in the workplace. These steps include:
For more information on the state of an older workforce in the Canadian workplace, as well as other next steps Canadian companies can take to bridge the gap, please view the full report here.
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