A recent data of Statistics Canada shows that the immigrants can become financially successful in Canada in a big way and this trend is rising. The strength of employed immigrants in Canada is increasing. Many immigrants enter the Canadian job market, and also very few are underemployed. Another fact is that their wages are increasing.
Role of Newcomers in the Market
The newcomers are classified as persons living in Canada for five years or below. Their participation rate in the core age group involving persons of 25-54 years in the labor market is 78 percent (2018) but in 2006 it was 74 percent. The reading here is that these newcomers integrate well into the job market quickly when compared to their predecessors. Also their employment rate increased from 65.2 percent (2006 figures) to 71.3 percent during 2018. Furthermore, the rate of unemployment among newcomers declined at 8.6 percent (2018) and it was 14.7 percent in 2008 and 11.5 percent in 2006.
Rate of Unemployment and Wages
In 2006 the unemployment rate was 7.3 percent but it declined to 5.3 percent in 2018, for the immigrants residing in Canada for 5 -10 years.
Their wages increased and in 2015 they started to earn the highest wages among entry level of any group arriving since 1981. The immigrants’ wages for persons, holding the university degree, had an increased by 3.5 percent (2017), in comparison to 2016.
Factors Favoring the Immigrants
The factors responsible for a positive change for Canadian immigrant workers were the increase in demand for workers in Canada. More baby boomers were approaching the retirement age, and the employers in Canada were dependent on immigrant workers for an effective replacement.
A study shows that in Canada, the retirement phase in the next decade will involve 9.2 million people. Also this will make the Canadian employers to rely more on immigrants.
The Canadian immigration policy and reforms in selection policies from the government besides the increased support for newcomers to settle and integrate well has given a boost to immigration.
The introduction of Expression of Interest format is another important factor that created the huge impact on the employing immigrants. The systems, has Express Entry and PNPs, specifically designed for selecting able immigrants who can settle successfully and opt for integration into the Canadian society.
Another Major Fact
Many temporary workers go ahead to become permanent residents in Canada. Also the immigrants, having previous work or educational experience, in the country, can earn more in comparison to people not having previous experience in Canada.
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