The article discusses the need for an overhaul of immigration policy in Canada, as advocated by CIBC CEO Victor Dodig. According to Dodig, Canada is facing severe labor shortages due to an aging population and high levels of emigration, which threatens its economic growth and competitiveness. To address this issue, Dodig recommends increasing the number of skilled immigrants allowed into the country, improving their integration into society, and making it easier for them to find jobs.
Some key points from the article include:
- Canada is facing a severe labor shortage, with over one million job vacancies.
- The labor market is expected to worsen as more Canadian boomers age out of the workforce.
- Immigration can help alleviate the labor shortage, but only if Canada remains an attractive destination for workers.
- Elevated housing prices and low wages are working against Canadian recruitment efforts.
- Dodig recommends building more rental housing and using government land "strategically" to ease the housing supply crunch.
- He also suggests increasing the minimum wage to $25 per hour by 2025 from $20 per hour currently, and calls on other employers to take similar steps.
Overall, the article highlights the need for Canada to urgently address affordability and housing woes so that immigrants can thrive in the country.
