Hiking retirement age could help labour force in Atlantic Canada: report

A recent labour market review conducted by the Toronto-based C.D. Howe Institute has suggested that increasing the retirement age to 67 could potentially help alleviate the issue of high job vacancies in the Atlantic provinces. Parisa Mahboubi, a senior policy analyst at the institute and co-author of the study, highlighted the findings in an interview on CBC Radio’s Information Morning Nova Scotia. The study examined various indicators such as productivity and GDP per capita across all provinces.

According to Mahboubi, the four Atlantic provinces have the lowest labour participation rates for seniors. Nova Scotia, in particular, is facing challenges with high job vacancies and a low unemployment rate. She believes that a gradual increase in the retirement age could play a crucial role in ensuring a sufficient workforce, especially when immigration alone may not be able to address the issue.

The research also indicates that there are significant health benefits associated with seniors staying active in the workforce. Janice Keefe, chair of the department of family studies and gerontology at Mount Saint Vincent University and director of the Nova Scotia Centre on Aging, emphasized the importance of offering flexible work arrangements to support older workers.

Keefe pointed out that many seniors also serve as caregivers to their parents or spouses, and it is essential for workplaces to accommodate their caregiving responsibilities. She noted that any proposed changes to the retirement age could impact different socio-economic groups unevenly, with individuals relying on government pensions likely to be more affected than those with private pensions.

Furthermore, Keefe highlighted the prevalence of ageism in the workplace as a significant challenge faced by older workers. Despite these obstacles, both Mahboubi and Keefe agree that staying in the workforce can have positive effects on seniors’ overall well-being.

Keefe emphasized the value of continued social engagement through work, stating, “A lot of people derive fulfillment and attachment from their work. Work relationships can be incredibly valuable, and work itself plays a crucial role in one’s sense of self-worth.”