Working after retirement age

According to Randstad’s latest Global Workmonitor, over half of Canadian employees expect to work beyond their official retirement age

TORONTO/CNW Telbec/ – According to the results of Randstad’s latest Global Workmonitor, surveying employees in 29 countries around the world, over half of Canadian employees expect to keep working beyond their official retirement age. Interestingly enough, nearly half of the respondents say they’re happy about it.

While 52 per cent of Canadian workers anticipate working beyond the age of retirement, nearly half say they’d be happy to work for an additional two years beyond the official retirement age, a percentage that’s even higher in the US (59 per cent). Just 32 per cent of Canadian workers report that they expect to stop working before they reach retirement age.

The findings are reflective of other trends shown in polls like the 2011 Bank of Nova Scotia survey, which found that 70 per cent of Canadians plan to work past the usual retirement age of 65.

Jan Hein Bax, president of Randstad Canada, says the ageing population will have a significant impact on the local workforce, and that employee willingness to work beyond the official retirement age should come as a relief to many employers.

“In the context of the imminent skills shortage, this trend may be a win-win situation for both employees and organizations. It is an opportunity for employers to tap into a pool of highly experienced and skilled workers who can also act as mentors for the younger generations of workers,’’ he says.

In most countries, the same sentiment is shared. In the US, more than 70 per cent of employees say they expect to work past retirement. In France, Germany, Luxembourg, the Netherlands, Spain and Switzerland, however, employees are less inclined to work beyond their retirement age: less than 30 per cent say they’d be happy to work beyond the age of retirement.

According to Bax, it’s time for employers to realize the benefits of attracting and retaining mature workers.

“Mature workers are willing to continue working past retirement age for many reasons, including financial stability, social interaction or intellectual stimulation,” he says.