TD Bank says 7 million baby boomers set to retire, disrupt economy

OTTAWA — TD Bank has joined a growing chorus warning about economic disruptions if Canada does not move to deal with its aging workforce.

The bank says seven million baby boomers are set to retire in the next two decades, more than one-third Canada's labour force.

The report written by economists Don Drummond and Francis Fong says pension reform is needed to prevent many retirees from falling into poverty.

And it says Canadian employers will be hard-pressed to find skilled workers as the labour force shrinks.

Immigration alone won't solve the problem, the economists say.

The report notes the C.D. Howe Institute recently calculated immigration levels would need to rise 2.5 times to meet the country's historic labour force growth.

But the bank says there are ways to mitigate the apparent labour crunch many are forecasting.

Those include making better use of underrepresented groups, such as women, Aboriginals and immigrants.

As well, the report says firms must increase incentives to keep older workers in the workforce.

Copyright © 2010 The Canadian Press. All rights reserved.

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