Recently, the Research Chair in Taxation and Public Finance at the University of Sherbrooke released an update of its thoughts on Quebec’s ability to retain experienced workers over 60 in the labor market. The Chair also correctly recalled that the proportion of Quebecers over 65 will increase from 20% to more than 25% by 2031.
Posted at 9:00 a.m.
The findings remind us of the challenges facing Quebec that will increase in the coming years: a growing labor shortage combined with additional pressure on the health network due to the aging of the population. Quebec is changing, whether we like it or not, and our public policies must follow suit. We need our silver-haired workers to keep our economy afloat and maintain the quality of our public services.
In their recent publication, researchers Luc Godbout and Suzie St-Cerny recall numerous recommendations issued by several players, including the FCCQ, in recent years to enhance the incentive to work.
First, tax measures are needed to make everything more attractive than at present. Despite some interesting efforts in recent years, researchers are proposing in particular the development of the QPP, a federal tax credit for career extension and deferral of the age limit for converting an RRSP into a RRIF. These avenues of recommendations have broad consensus among economic players and should find takers in this pre-election period.
Gap between men and women
In addition to financial incentives, the FCCQ wishes to highlight the gigantic, even worrying, gap between the activity of men and that of women over 60 years of age. More than 61.5% of Quebec men aged 60 to 64 were still active in the labor market in 2021, compared to 45.8% for women. We need to find targeted measures so that Quebec women find a job that suits them and encourages them to persevere in the labor market. These women are in retirement longer and, unfortunately, they are generally more likely to suffer from economic precariousness at older ages. There is an obvious fit here.
We have to talk about it, sing it if necessary. We need our experienced workers. We need these women in the labor market and this will benefit everyone. Quebec is due for a vast campaign of seduction towards our gray heads of experience and the implementation of solid measures to redress the current portrait.