While self-employment can provide flexibility and other advantages, it is considered to be of lower quality because on average it pays less than salaried positions.
The number of low-paying jobs has risen faster than the number of mid-paying jobs, which in turn has risen faster than the number of high-paying jobs.
In the last year, the number of low-paying full-time positions rose twice as fast as the number of high-paying positions, CIBC said.
Over the past decade, wages in high-paying sectors rose almost twice as fast as wages in low-paying sectors. "In other words, the fastest-growing segment of the labour market is also the one with the weakest bargaining power," Tal wrote.
Unemployment insurance, the Canada Pension Plan, as well as health care, education, and child care, were built to suit the labour market from the 1960s and 1970s, when a single breadwinner had a good-paying job with steady income, hours, and benefits that could support an entire family, said Wayne Lewchuk, a professor at McMaster University who has researched precarious employment.