Job Market Monitor
Retirement
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
Early retirements save jobs at Crozer-Keystone Health System
With 196 employees accepting the early retirement offer, officials at the Crozer-Keystone Health System whittled the number of employees targeted for layoff from 325 to 30. “We were very, very lucky,” Crozer-Keystone Vice President of Marketing Kathy Scullin said. “Because so many people took it, we were able to greatly reduce the number of people … Continue reading
UK | It is legal for companies to force retirement if in ‘public interest’
Companies could, for example, say they needed to dismiss older workers at 65 to make way for more entry-level jobs and younger staff climbing the career ladder, the long-awaited judgment signalled. It is the first time the “public interest” defence has been applied to age discrimination law, legal experts said, adding that the case gave … 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
Social Security program to run out of money by 2035 | Economy | News | Financial Post The Social Security program will exhaust its trust fund in 2035 and have to start reducing benefits to senior citizens unless Congress intervenes, its trustees said. That is three years sooner than projected in 2011 for the retirement … Continue reading
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
Raising the Normal Retirement Age for Social Security Would Lead to Increase in Inequality
Social Security remains the most important source of income for most Americans in their retirement. Nonetheless, there are many proposals for cutting benefits that get serious consideration, including increasing the normal retirement age. A new report from the Center for Economic and Policy Research examines the impact of raising the Social Security retirement age and … Continue reading
Older workers | Productivity : Average age-productivity profile of individual workers is increasing until age 65
“Older workers are often thought to be less productive” write Axel Börsch-Supan and Matthias Weiss in PRODUCTIVITY AND AGE: EVIDENCE FROM WORK TEAMS AT THE ASSEMBLY LINE published on mea.uni-mannheim.de. “This impression is widespread and implicit in many discussions about aging, even in our economic textbooks. Often regarded as an established fact, it has profound implications for personnel … Continue reading
Australians Working Longer, Retiring With More Money
The number of older workers with jobs in Australia has almost doubled in a decade, transforming workplaces and adding almost a million employees to meet the nation’s skills shortages. New data from the Bureau of Statistics shows that, on average, 1.93 million workers aged 55 and over were employed in 2011, almost double the 1.01 … Continue reading
Pensions after the financial and economic crisis: a comparative analysis of recent reforms in Europe
“This paper look at the impact of the economic and financial crisis on pensions policy across Europe, and assesses the first measures proposed and/or introduced in four EU countries. France and Sweden are typical examples of social insurance systems, while Poland and the UK are examples of multipillar systems.” writes David Natali in Pensions after the financial and economic crisis: … Continue reading
Global BC | Top post-retirement jobs
We’ve said our goodbyes to Freedom 55 and by the looks of things, it seems we’ll be kicking Freedom 65 to the curb. According to a recent survey done by Sun Life Financial, their annual Unretirement Index poll indicates that approximately three in 10 Canadians are planning to work until 66 or older. Does this … Continue reading
Raising the retirement age: Consider it a done deal – The Globe and Mail
If Stephen Harper was to announce tomorrow that the age at which people will be eligible for Old Age Security was going to increase to 67 in the year 2025, who would protest? Not the over 50s: they’ll still be able to start claiming at 65 as planned. Not many of the under 50s, either. … Continue reading
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