Canadians would earn $17B more annually if their credentials were recognized, study says
Report finds 844,000 Canadians are unemployed or underemployed because their skills are not recognized
By B.C. Almanac, CBC News Posted: Jan 27, 2016 12:32 PM PT Last Updated: Jan 28, 2016 4:24 PM PT
Nearly 850,000 Canadians are unemployed or underemployed, more than 60 per cent of whom are immigrants, because their credentials are not being fully recognized, according to a new report from the Conference Board of Canada.
If their credentials were recognized, they could, as a group, earn $13.4 to $17 billion more annually, according to the report, Brain Gain 2015: The State of Canada’s Learning Recognition System.
“We estimate that over 844,000 Canadian adults now face learning recognition challenges, including over 524,000 with international credentials, almost 200,000 with out-of-province credentials and 120,000 with experiential learning not recognized in a credential,” the report states.
Up to $17B in lost earnings
The $17 billion in potential earnings is a dramatic increase from a previous study the board did in 2001, which estimated Canadians could earn $4.1 to $5.9 billion more if their credentials were recognized.
“The challenge has risen faster than the rate of change,” said Michael Bloom, vice president of industry and strategy for the board.
“Even if you discount things like inflation, growing population, you still end up with a bigger problem than ever before.”
The report suggests that improving how credentials are recognized could potentially increase the annual incomes of those affected by an average of $15,000 to $20,000 per person.