Britain
may be the first country to appoint an “older workers’ champion.” Last
month, pensions expert Ros Altmann was given the task to challenge
outdated perceptions of the elderly and rewrite the rules on early
retirement.
Her key message to employers and even workers themselves: A person’s talents and experience don’t stop at age 65.
Dr.
Altmann’s appointment reflects two trends in wealthier nations. More
people are retiring later. And many governments are reversing policies
that encourage early retirement.
A
host of factors go into a person’s decision to retire, such as money,
job availability, life expectancy, and health. But says Altmann, “Too
many people retire when they are still capable of making a strong
contribution.”
Like many
countries, Britain wants to stay ahead of a sharp demographic curve. By
2020, the world will have 13 “super-aged” nations, up from just three
today, according to a new report by Moody’s, the credit rating agency.
(A super-aged country has more than 1 in 5 people who are 65 or older.)
By 2030, the number of these countries will be 34 – and include many
developing countries.
To
offset the effects of an aging society, governments need to shift public
thinking about the abilities of older people. In Britain, that began in
June with a government action report called “Fuller Working Lives.” Its
main point: “Our attitudes towards older workers must evolve to meet
the challenge.”
Governments
must move fast. Among 20 advanced countries, most have seen more baby
boomers staying in the workforce since 2007, according to a study by the
Brookings Institution, a Washington think tank. Much of that trend is
likely caused by the recent recession.
But the study also suggests employers must make more room to keep older workers who want to keep working:
“Although
some observers are pessimistic about the willingness of employers to
accommodate the special needs of an aged workforce, such pessimism may
be misplaced. Employers have created millions of part-time jobs to
accommodate the needs of students and mothers who are only available to
work short weekly hours.... Comparable accommodations could be made for
the special needs of older workers.”
Today’s
older workers are more educated than their predecessors, allowing them
to adapt to flexible hours and be retrained for new skills. Before such
reforms can happen, however, employers need improved views.
“To
start a reform revolution, it will be very useful to revise and adjust
the conventional measurement of aging, in particular the definition of
the onset of being considered ‘elderly’ or ‘old,’ ” writes Robert
Holzmann of Australia’s Center of Excellence in Population Aging
Research in a 2013 scholarly article.
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