By Colin Singer | Canada Immigration News | August 13, 2021
A senior economist says the demand for immigrants to fill jobs is expected to skyrocket this year as companies resume operations and their employees start retiring and quitting their jobs in much greater numbers than they did last year.
In his latest report, Will A Return To Pre-Pandemic Retirement And Job Quitting Levels Worsen Emerging Labour Shortages In Canada?, Bank of Canada senior economist Andrew Agopsowicz reveals fewer people were ready to leave their jobs during the height of the pandemic.
“Labour market uncertainty during the pandemic led to a significant decline in voluntary job departures,” writes Agopsowicz.
“Retirements fell 20 per cent compared to the pre-pandemic period (March 2019 to February 2020) while the number of people quitting jobs due to dissatisfaction dropped 40 per cent over the same time frame.”
With the economy now bouncing back, many people are re-thinking their options and choosing to retire or quit their jobs.
“As the job market recovers, these measures are beginning to climb back to pre-crisis levels,” writes the economist.
Three Times More Workers Quit Their Jobs
In June alone, nearly three times as many workers quit their jobs, a total of 16,700, compared to the same month a year earlier.
In the second half of this year, the Bank of Canada senior economist figures 125,000 workers in Canada are likely to retire.
Add to that the growing number of job vacancies – about 550,000 in the first quarter of this year – and it all spells opportunity for foreign nationals hoping to immigrate to Canada under economic programs.