A CIBC report released Tuesday by Benjamin Tal and Sahika Kaya, responded to recent comments by Finance Minister Bill Morneau, when he said that young Canadians should become used to hopping from job to job.
CIBC, however, claims that this trend is “actually fiction.”
It noted that average job tenure in Canada has grown from 98 months to 103 months in the last 10 years, and that the share of workers who have stayed with the same employer for over five years is now reaching a record-high of 50 per cent.
Job tenure among lower-wage workers has grown faster than that of higher-paid employees, the reason being fear of being replaced.
That fear has some foundation when you look at how long people are spending unemployed, the report said.
It’s therefore no surprise that incomes among high-wage employees are rising faster than among low-wage workers.
CIBC’s report undoubtedly shows evidence that people are staying in jobs longer than Morneau suggested.
But other data shows that temporary work is on the rise across Canada.
In 1997, workers aged 15 to 24 made up only 23.6 per cent of total employment. Today, it’s 28.9 per cent.
Over the past year, Canada added 124,000 part-time jobs but only 15,500 full-time ones. – CINEWS