The labor shortage still exists in Quebec, but the solutions proposed are neither numerous nor diverse.
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However, many are suggesting that retirees go back to work.
The option could be interesting for both pensioners and employers, believes Jean-Sébastien Jutras from Jutras Gestion de Patrimoine.
“In several stores in Quebec we see young employees, but there is no substitute for experience,” he says.
However, many retirees are reluctant to return to the labor market. They fear being penalized when collecting taxes.
However, contrary to popular belief, returning to work can be financially beneficial for retirees.
“The government has introduced measures such as the Career Extension Tax Credit, which provides a credit of around $1,500 to $1,650 depending on the person’s age and income,” explains Mr. Jutras.
One of the measures in the last budget, making contributions to the Quebec Pension Plan (QPP) no longer mandatory from age 65, could also make returning to work after retirement age more attractive.
“There are people who are increasingly lacking money due to the rising cost of living,” says the financial planner. “Many people think they are working for free, but the measures still leave money in their pockets.”
In addition to financial incentives, staying active and socializing can also be attractive to retirees thinking about returning to work.
The full interview can be found above.