Wave of retirement hits Canadian workforce as healthcare, education lose workers

Canada is facing a wave of retirements driven by workers in high-pressure sectors, with an increasing number retiring before they turn 65.

A new analysis of labour force survey data by the Canadian Centre for Policy Alternatives (CCPA) found that 73,000 more people retired in the year ending August 2022 compared to a year earlier, a jump of 32 per cent. 

Two-thirds of those excess retirements were in four industries: health care, construction, retail trade, and education and social assistance.

Senior economist David Macdonald said it’s highly unusual to see retirements at this level. But a closer look at some of the industries in question paints a picture of burnout, stress and ongoing pandemic difficulties leading to workers retiring earlier than they perhaps planned.