The demand for foreign skilled workers is expected to surge in Canada the coming months as the country’s economy is fast recovering from the impact of COVID-19, revealed a report by Bank of Canada senior economist Andrew Agopsowicz. In the report titled ‘Will A Return To Pre-Pandemic Retirement And Job Quitting Levels Worsen Emerging Labour Shortages In Canada?’, Agopsowicz observed that companies are resuming their operations and more and more employees are retiring or quitting their jobs compared to last year.
Fewer people were ready to leave their jobs at the height of the pandemic. According to the report, labour market uncertainty led to a significant decline in the number of voluntary job departures during the pandemic period. Retirements fell by 20 percent and the number of people leaving their jobs owing to dissatisfaction dropped by 40 per cent. As the economy is recovering now, people have more options and many are choosing either to retire or quit their jobs.
More workers quitting or retiring
According to the report, three times as many workers quit their jobs in June alone compared to the same month a year earlier. The total number of people who quit their jobs that month is 16700.
Agopsowicz, in his report, predicts that nearly 125000 workers are likely to retire in Canada in the second half of the current year. At the same time, Canada reported about 550000 new job vacancies in the first quarter of this year. All these mean immigrants workers will have a lot of opportunities in the country in the coming months.
“The vacancy rate in the professional, scientific, and technical services industry, for example, has already reached serious highs. And the Bank of Canada’s Business Outlook Survey indicates that while we are still in a period of labour market slack, availability of skilled workers is tightening.” the report said.
Canada travel restrictions likely to be eased
Canada has announced that its borders will be opened for non-essential travellers from all countries from September 7 onwards, if the number of COVID cases does not rise. The expected flow of foreign workers will bring down the pressure on Canada’s labour market. Canada is confident that it will be able to meet its annual immigration target of welcoming 401000 new permanent residents in 2021.
The country’s Immigration Levels Plan for 2021‒2023 has set immigration targets of about one per cent of the Canadian population for three years starting this year. In 2022, will be welcoming 411,000 new permanent residents and in 2023, another 421,000 new permanent residents will be welcomed to the country.