Skilled Immigrants to Benefit from Retiring Canadian Population
by aman sharma Canada Immigration,Canada PR VisaOne of the most pressing problems in terms of
immigration policy is how a recession would affect the labour market
performance of immigrants who receive permanent residency during times of
economic crisis. Given the massive demographic trends that were reshaping
Canada's workforce before the pandemic, and that would continue to reshape it
over the next decade, there was little doubt the labour market would recover.
According to research, such immigrants' labour market results may be harmed
throughout the remainder of their careers in Canada.
More Canadian workers retiring
With so much expertise and skill exiting the labour
market, Canadian firms will need to tap into all talent sources available to
keep their businesses afloat, which is exactly what we're witnessing now.
Replacing retiring employees is critical to
maintaining the economy and ensuring that the tax base is big enough to provide
services that Canadians can access, such as education and health care. This
migration explains why, before the COVID crisis, Canada had its lowest jobless
rate ever, and why, despite the pandemic's continued impact on the Canadian and
world economies, the unemployment rate has reached another historic low. As the
Canadian workforce ages, the unemployment rate rises.
Women, individuals with disabilities, elderly
employees, Indigenous peoples, and distracted teenagers are just a few examples
of underutilised talent sources.
The ageing of the Canadian workforce is resulting
in lower unemployment and higher pay, which benefits both Canadian and foreign
employees.
Roughly 20 million people work in Canada, with
about 9 million of them being baby boomers. Because of Canada's low birth rate,
it will have to rely on other sources of talent to replace retiring workers.
We should also consider the dramatic developments
in immigration policy over the last decade, which have had an influence on
immigrant labour market results.
Selection method that is more competitive
The change to a more competitive selection
procedure for skilled immigrants is one example. In recent years, the federal
government, as well as provinces and territories, have changed their selection
criteria to account for human capital qualities that have been shown in studies
to result in better economic results for immigrants. Candidates who are young,
well-educated, fluent in English and/or French, have professional work
experience, and other bonuses such as having Canadian education and/or work
experience are given a higher CRS score
under the Express Entry Comprehensive Ranking System (CRS), which increases
their chances of obtaining permanent residence and ultimately succeeding in the
Canadian labour market.
More immigrants from within Canada were chosen.
Another significant change has been the rise in the
number of permanent residents chosen from within Canada.
Prior to the pandemic, immigrants from other
countries accounted for roughly 70% of those who landed under Express Entry,
but that number dropped to 30% last year, with Immigration, Refugees and
Citizenship Canada (IRCC) relying more on in-Canada candidates to meet its
immigration targets amid pandemic-related disruptions like travel restrictions.
It's unclear if IRCC would prioritise picking
immigrants from outside of Canada or inside Canada after the epidemic, but we
do know that Immigration Minister Sean Fraser's mandate letter directs him to
develop new in-Canada immigration
paths.
Furthermore, provinces and territories are
increasingly using the Provincial Nominee Program (PNP)
and other streams to pick more candidates from within Canada.
More money from the Canadian government to assist
immigrants
The IRCC's increasing investment in immigrant
settlement programmes such as workforce and language training is a third
significant factor to consider. IRCC currently spends almost $2 billion each
year on such services, up from around $350 million twenty years ago. These
services are also provided prior to arrival to provide immigrants with relevant
information and support to help them settle into Canada more quickly.
Conclusion
When all of these considerations are
taken into account, one may be more certain that the COVID-induced recession
will leave immigrants with less labour market scarring than in previous
recessions. Canada has a historically tight labour market, a more competitive
selection process, selects more immigrant candidates from inside the nation,
and spends more money to assist immigrants to thrive than in the past.
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Created on Apr 19th 2022 07:06. Viewed 184 times.