Workers Globally Expect to Work Past Retirement Age

February 7, 2012 (PLANSPONSOR.com) – Over half of Canadian employees expect to keep working beyond their official retirement age.

According to Randstad’s latest Global Workmonitor, 52% of Canadian workers anticipate working beyond the age of retirement, and nearly half say they’d be happy to work for an additional two years beyond the official retirement age, a percentage that is even higher in the U.S. (59%). Just 32% of Canadian workers report they expect to stop working before they reach retirement age.

In most countries, the same sentiment is shared. In India, Mexico, Singapore and the U.S., more than 70% of employees say they expect to work past retirement. Similarly, in India and Singapore, more than 75% of workers say they would be happy to work two years beyond retirement. In France, Germany, Luxembourg, the Netherlands, Spain and Switzerland, however, employees are less inclined to work beyond their retirement age: less than 30% say they’d be happy to work beyond the age of retirement.

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Jan Hein Bax, president, Randstad Canada said the aging 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 said.

For a complete report, including detailed regional differences, is available at http://www.randstad.com/press-room/research-reports. 

Bill Would Offer University of Wis. System Employees DC Plan

February 7, 2012 (PLANSPONSOR.com) – If passed, a proposal would allow University of Wisconsin System employees the choice to opt into a retirement plan outside the current Wisconsin Retirement System. 

The Badger Herald reports, the proposal to offer a defined contribution (DC) plan, which is currently circulating in the Wisconsin Assembly, would allow more mobility for professors.

According to a statement released by Rep. Patricia Strachota, who submitted the proposal, the lack of this type of plan in Wisconsin puts the state at a competitive disadvantage when competing with other states to hire quality staff, reports The Badger Herald.  Strachota added that the plan would give the University of Wisconsin System the flexibility it needs to attract new professors who will allow the university to grow, especially since other Big 10 universities have similar options.

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Carol Lamp, Wisconsin Retired Educators’ Association (WREA) president, also stressed the importance of waiting before an Employee Trust Funds study is released before supporting the legislation. “We aren’t opposed to the idea,” Lamp told The Badger Herald. “WREA feels strongly that Rep. Strachota should put a hold on this bill until the study is complete.”

The study is scheduled for release by the end of June.

Lamp also added that University of Wisconsin System employees were given an option similar to this in the recent past and voted it down.

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