Canadian permanent residence aspirants have more reasons to be happy. This is because Canada is at its lowest employment rate ever with opportunities aplenty in almost every sector. Recently landed immigrants and the immigrants who will be landing soon will have a bright future based on the current labour market trend. There are multiple reasons driving this development.
A Retiring Workforce
Ageing of the Canadian workforce is resulting in lower unemployment and higher pay, which benefits both Canadian and foreign employees. Canada’s Baby Boomers—the people born in the 1950’s— are retiring. That’s why pre-COVID Canada had low unemployment despite the impact of the pandemic.
9 million out of the 20 million workers in Canada will retire by the next decade, creating a vacuum in the labour market. Given Canada’s low birth rate, the Government must rely on not just its graduates for maintaining the workforce, but new immigrants also. At the same time the stability of the large tax base and economy is essential to provide education and healthcare benefits to its citizens.
Women, Persons with Disabilities, and Indigenous people are underutilised talent sources but adding them won’t be enough to compensate for all the retirees. Canada’s economic success is dependent on immigration. Canadian firms will need to tap into the labour market to keep their businesses afloat, which is exactly what we’re witnessing now.
IRCC has been investing more on immigrant settlement programmes such as workforce and language training. With a current spending of $2 billion per year, having increased from $350 million twenty years ago. These pre-arrival services ensure that the settlement process is quicker.
Considering all this, we can be sure that immigrants’ careers are secure despite the COVID-induced recession.
Also check out Owlspriority Immigration’s Canada Settlement Resources to learn more about ways to finding a new job in Canada, making your initial days in Canada stress-free and confident.