Where Did All the Good Jobs Go?
According to a recent study by CIBC, job quality has declined over the past two decades.
- Part-time work has risen, particularly among older workers. It shot up during the 2008/2009 recession, and has yet to return to pre-recession levels.
- Many older workers are facing declining job quality.
- The number of low-paying, full-time jobs has grown more rapidly than the rate of high-paying ones.
- The number of workers earning a below-average wage has risen from 58 percent in 1997 to 61 percent in 2015.
Further data from Statistics Canada show that the situation is even worse for young Canadians.
- For the last 40 years, Canada’s youth (aged 15–24) have been facing unemployment rates that are 2.3 times higher than their older counterparts.
- Fewer young Canadians who are not students are employed full time today than in 1976.
- Those under 25 who manage to land a full-time job have seen their wages fall behind cost-of-living increases.
Overall, male workers aged 17–24 have seen their real hourly wage, or buying power, drop 15 percent, while women have seen it drop 10 percent.
Sources: CIBC Capital Markets—In Focus, macleans.ca