#NewsBytesExplainer: Why Canada searching for immigrants to fill 10L vacancies
More than 10 lakh jobs are currently available in Canada. Since May 2021, the number of available positions has increased by over 3 lakh. According to the Labour Force Survey for May 2022, there will be a growing labor shortage in a number of industries in Canada. This will cause a rising demand for immigration into Canada as the nation's workforce ages and retires.
Why does this story matter?
Canada is making preparations to welcome the most permanent residents in its history in 2022, with a target of 4.3 lakh. According to CIC News, by 2024, the objective will rise to over 4.5 lakh. Immigrants, especially from countries like India, have the opportunity to fill vacancies in a situation where there's low unemployment and job vacancies are plentiful, unlike in their own country.
Canada has more open job positions than ever before
According to another study, certain states now reportedly have more open positions than ever before, NDTV reported. Therefore, this could be an excellent job opportunity for you if you wish to submit a permanent residency application in Canada. In April, there were 1.1 unemployed individuals for every available position in Alberta and Ontario, compared to 1.2 in March and 2.4 a year ago.
For every vacant position there are only four unemployed applicants
For every vacant position in Newfoundland and Labrador, there are approximately four unemployed individuals. Vacancies were at an all-time high in skilled, scientific, and tech services, transportation, storage, insurance, finance, leisure and recreation, and real estate sectors. Both the provinces of Nova Scotia and Manitoba had over 10% vacancy rates in the accommodation and food services sector in May, with 1.61 million vacant positions.
Fewer people entering Canadian workforce while many retire after 55
For the 13th consecutive month, lodging and food services had the most vacancies. Vacancies in the construction industry also reached a record high of 89,900 in April, up nearly 45% from the same month last year and 5.4% from March. Canada's labor market has declined significantly this year as fewer workers are eager to join it while more people over 55 are leaving it.
90 lakh Canadians are expected to retire this year
According to CIC News, 90 lakh baby boomers in Canada are anticipated to retire this decade. A recent RBC survey found that one-third of Canadians are retiring early and that three out of ten people who are close to retiring are postponing their retirement due to the pandemic. Meanwhile, the fertility rate fell to a historic low of 1.4 children per woman in 2020.
