Older workers have flooded into the job market since the recovery that began in the summer of 2009, TD Economics said Thursday, eclipsing other age groups in terms of gains made in the labour market.
The report said Canadians aged 60 years and over account for about one-third of all net job gains, “a striking figure considering they accounted for just eight per cent of the total labour force,” said TD Economist Francis Fong, the author of the analysis.
Fong said the trend includes not only those in the 60-65 age range, but also those older than 70.
Employment among the 70-plus crowd increased by 55,000 positions, or 37 per cent, he said.
“Even more surprising is that almost 100,000 net jobs were added in the 60-plus age group at the depth of the recession,” he said.
During the same period, younger workers — those 59 and under — suffered 500,000 net job losses over the same period.
Fong said the phenomenon is not isolated to Canada. Across advanced economies since 2000, workers aged 65 and older have steadily become “an increasingly vital part of the global labour market,” he said.
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