A new analysis of labour force survey data by the Canadian Centre for Policy Alternatives found that 73,000 more people retired in the year ending August 2022 compared to a year earlier, a jump of 32 per cent.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc.
While retirements are expected to go up gradually as baby boomers retire, 2022 is seeing a clear spike, said Macdonald.Article contentThe retirement wave began earlier in 2022, Macdonald found. By April 2022, retirements in health care in a year had almost doubled, with 19,000 excess retirements compared with a year earlier.
Canada’s most populous province is also driving the retirement wave, making up 66 per cent of the extra retirements in the year ending August despite having less than 40 per cent of Canada’s workers. Teachers retired in droves; two-thirds of extra retirements in education were in Ontario.Article content
Wage increases in Ontario’s public sector have been restricted by Bill 124, which may be a factor in health care and education workers deciding they’ve had enough, said Macdonald.“Those professions have not returned to normal. They are substantially different from how they were in 2019.”
Improve working conditions, salaries…more people will stay around.