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Letter to the editor

Work force worries rise as boomers hit retirement age

By JIM FOX
Published July 22, 2007

Retirement-minded baby boomers could cause a crisis for Canadian businesses not prepared for a shrinking work force, as a government report shows the population is aging rapidly.

Within 10 years, more workers will leave Canada's labor force than enter it, Statistics Canada predicts, leaving employers hit by staff shortages.

The census figures show boomers, who began turning 60 last year, are swelling the ranks of Canada's graying population.

Nearly one Canadian in three is a boomer. Those thinking about retirement - aged 55 to 64 - are the fastest-growing demographic, up 28 percent from five years ago.

Not all boomers will be lazing on a beach or fishing on a northern lake. Financial planners believe many might have to keep working longer than they expected just to pay the bills.

The senior census figures found there are more than 1-million Canadians 80 and older, while there are 4,635 people 100 and beyond.

To cope with potential workplace losses, Ontario, Manitoba, Quebec, Alberta, Prince Edward Island, the Yukon and Northwest Territories have all banned mandatory retirement at age 65. Saskatchewan and British Columbia plan to follow next year.

Within 10 years, the number of seniors could well exceed children age 15 and younger, Statistics Canada said.

Conrad Black saga

Some politicians say that fallen media mogul Conrad Black should have his Order of Canada honor withdrawn.

The New Democratic Party has formally requested that Black be removed as officer of the order - an honor to signify the highest achievement in Canadian life.

Black, who was born in Montreal, was found guilty by a jury in Chicago of fraud and obstruction of justice for business dealings after the sale of his Hollinger International newspaper empire.

He gave up his Canadian citizenship when former Prime Minister Jean Chretien tried to block his appointment to Britain's House of Lords.

Black, 62, is free on bail until sentencing Nov. 30, when he faces up to 30 years in prison, according to prosecutors. He has been ordered to remain in the Chicago area or at his home in Palm Beach until then.

In brief

- Drivers are enjoying a brief reprieve from higher gasoline prices, as prices dropped by about 40 cents a U.S. gallon. The price cut was on speculation North American inventories will rise with increased production and as the higher Canadian dollar makes importing oil less expensive. Prices ranged from 96.9 cents Canadian a liter in Toronto and $1.04 in Montreal and Vancouver to $1.06 in Calgary and $1.13 in Halifax.

- Canada's national crime rate is the lowest in 25 years, with a big decline in nonviolent incidents. Statistics Canada said that while the violent crime rate was virtually unchanged in the past year, the overall rate dropped by 3 percent. Murders are down 10 percent to 605 cases for the country. The highest homicide rates are in the Western provinces, led by Saskatchewan at 4.1 percent per 100,000 people.

- Jack Babcock, the last known surviving Canadian veteran from World War I, marks his 107th birthday on Monday. The last soldier standing is originally from Ontario but has lived in Spokane, Wash., since 1932. He received birthday greetings from Queen Elizabeth II and Prime Minister Stephen Harper.

Facts and figures

Canada's dollar reached 96 cents U.S. and then turned lower Friday, closing at 95.37 cents U.S. The American greenback is worth $1.0485 in Canadian funds.

The Bank of Canada's key interest rate is 4.5 percent, while the prime lending rate is 6.25 percent.

Canadian markets are higher, with the Toronto Stock Exchange index at 14,582 points and the Canadian Venture Exchange 3,325 points.

Lotto 6-49: (Wednesday) 2, 3, 18, 31, 38 and 46; bonus 17. (July 14) 10, 27, 33, 38, 40 and 49; bonus 21.

Regional briefs

- Chaos is expected in Vancouver because 1,800 civic outside workers went on strike Friday to back contract demands. The strike involves garbage collectors, parks workers, road maintenance and municipal day camp workers, and others. It's the third strike by the workers in 10 years and could expand on Monday to include 3,500 office workers.

- A fire that destroyed a Canadian Tire store in Montreal has led to the arrest of a city firefighter on a charge of arson. Michel Brochu, 45, a firefighter since 1989, was off duty at the time of the five-alarm blaze on May 24. He has been suspended with pay pending his trial.

- Can a senior be evicted from an apartment building for gossiping? That's what neighbors say happened to a 73-year-old resident of the Almon Place apartments in Halifax. Residents plan to protest the planned eviction of Mary Vaughan by Northwoodcare Inc. for reasons that include "gossip about others" and swearing at the superintendent.

Jim Fox can be reached at canadareport@hotmail.com.

[Last modified July 22, 2007, 00:58:31]