The thought of retiring after more than four decades made Hirofumi Mishima anxious.
Instead of looking forward to ending his three-hour daily commute, Mishima wanted to work, even if it meant another hour on the train.
“Keeping a regular job is the most stimulating thing for me,” said Mishima, 69, who spent six months trawling the vacancy boards at a Tokyo employment centre after retiring from his $US77,000-a-year job ($A75,000) as an industrial-gas analyst in 2009.
“If I was at home all day, I’d get out of shape and my wife would fret about all the extra chores she’d have to do.”
Mishima is one of 5.7 million Japanese older than 65 still in the workforce for money, health or to seek friends – the highest proportion of employed seniors in the developed world.
While the Australian government and governments across the European Union struggle to convince their voters to sign up for longer work lives, Japan faces the opposite issue: how to meet the wishes of an army of willing elderly workers.
Japan’s lower house passed legislation this month that would give private-sector employees the right to keep working for another five years, up to age 65. With the world’s longest life expectancy, largest public debt and below-replacement birth rate, curbing spiralling welfare costs by keeping people in jobs longer may help defuse a pension time bomb that threatens to overturn or bankrupt developed-world governments.
“The raising of the retirement age, it’s a good thing, and more importantly, we have no alternatives,” said Michael Hodin, a researcher at the Council on Foreign Relations in New York specialising in health policies and ageing populations. Current concepts of retirement don’t make sense in the context of 21st century demographics, and governments are looking to reframe the social contract, he said…
via Wrinkled workers help defuse Japan’s pension time bomb.
Demographic Alert: Older Workers Will Soon Exceed Younger Workers in Numbers in US
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Older workers | Productivity : Average age-productivity profile of individual workers is increasing until age 65
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Report – Too Much to Lose: Understanding and supporting Britain’s older workers
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Employer Strategies for an aging workforce
There are a number of reasons why employers should ensure that workers over the age of 50 remain actively employed with their organization. Nobody wants to lose good workers, and most in this age group have a wealth of experience within both their industry and their company. Many of them enjoy what they do and … Continue reading »
Employers attitudes to older workers are changing along with their desire to remain in the workforce
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Unemployment and Older Workers Drive Competition in Labor Market
About 74 percent of Americans say they plan to work past age 65, according to a May study by economists Jay Bryson and Sarah Watt of Wells Fargo Securities LLC in Charlotte, North Carolina. Thirty-nine percent said they need to earn to make ends meet or maintain their lifestyle, and 35 percent wanted to stay … Continue reading »
Job Search | Ageism exists
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UK | As many as 1 in 10 will delay retirement
As many as one in ten Britons planning to retire this year will delay their exit from the workplace, research revealed. Some 68% of those planning to postpone their retirement based the decision on financial pressures making it difficult for them to afford being out of employment, the Prudential Class of 2012 study showed. However, … Continue reading »
The retirement tsunami at Washington
Figures released earlier this month by the Office of Personnel Management seem to suggest that the giant wave of baby boomers leaving federal service may be starting to build. For the first three months of 2012, OPM saw a steady increase in the number of new claims for the Civil Service Retirement System (CSRS) and … Continue reading »
UK | Millions of workers force to work past 75
Millions of workers will be forced to work past the age of 75 because they are in the dark on how much they need to save for a comfortable retirement. The Pensions Policy Institute, which carried out the research, said that people were not saving enough, although living longer, volatile stock markets and plunging annuity … Continue reading »
Update | AS Social Security run out of money retirement at age 65 could be delayed
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Expected time in retirement at age 65 is more than 40 percent longer than in 1940
Raising the ages at which people can collect Medicare and Social Security would reduce federal spending and increase federal revenues by inducing some people to work longer. However, raising the eligibility ages for those programs also would reduce people’s lifetime Social Security benefits and cause many of the people who would otherwise have enrolled in … Continue reading»
Is it 75 now instead of 65?
Much has been written about the fact that financial necessity is making Canadians decide to stay in the work force past the traditional retirement age of 65. But there’s also a growing grey market of seniors who are choosing to recommit to their careers in their 60s and 70s. Older workers have dominated recent gains … Continue reading »
Transitioning into Retirement: The MetLife Study of Baby Boomers at 65
Despite the popular belief that Baby Boomers will continue to work well past the traditional retirement age of 65, those born in 1946 are retiring in droves, according to Transitioning into Retirement: The MetLife Study of Baby Boomers at 65. This study is a follow–up to the 2008 MetLife Mature Market Institute study, Boomer Bookends: … Continue reading »
Workforce Retirements and Skills Gaps
A joint survey released April 9, 2012, by the Society for Human Resource Management (SHRM) and AARP shows that U.S. employers are ramping up training programs aimed at closing expected skills gaps left when Baby Boomers retire. In addition, companies are enhancing employee benefits that they hope will help with recruiting and retaining older workers, … Continue reading »
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