November 16, 2015

"Four out of every 10 young workers with a university degree are overqualified for their job in the years after graduation, Canada's Parliamentary Budget Officer has warned."

CBC The PBO's wide-ranging report released Thursday included an analysis of the labour market. One of the report's findings suggested that while recent grads have had trouble finding the first job of their career for decades, the problem may be getting worse. via PBO

'Last year, 40 per cent of university graduates aged 25-34 were overqualified for their job. Five years ago, that percentage was only 36 per cent. In 1991, it hit a low of 32 per cent, or less than one out of every three university graduates.

'The problem is bigger than that, because those young workers spent money, time, and resources to get those qualifications.

'"Many university graduates forgo labour market earnings and experience to attain credentials for a position in their field of choice," the PBO said.

'That's a problem not just for those workers, but also for the broader economy, the PBO warns.

'"There are costs associated with a rising number of overqualified workers," the budget watchdog said. "These workers may face lower levels of job satisfaction and attachment, which could increase turnover rates for employers."'

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