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It’s no secret that Canadians are staying in the workforce longer, delaying retirement. Some stay because they have to, driven by a lack of retirement income. However, others remain because they want to and this trend, writes Scott Anderson for Benefits Canada, presents opportunities to employers.
A 2015 survey by HSBC showed that more than a third (38 per cent) of retirement-age Canadians remained on the job because they wanted to keep working. They, writes Anderson, are still “very active at age 65 and get fulfilment and joy out of their work.”
“Many people over age 65 are enjoying a higher quality of life than their counterparts were 20 years ago. They feel energetic and have many things to contribute to the workplace. Many employees over age 65 are choosing their own line of work, working part-time or picking their own hours. The level of experience they’ve gained in their working years is very valuable, and although many people may not want to work for a company or take on full-time hours in their later years, there are many examples of seniors opening their own home businesses or doing contract roles.”
To keep such employees engaged, employers are offering them programs and benefits, including fitness and wellness seminars and alternative work arrangements including retiring, collecting benefits and coming back to work on “revised schedules, typically on a part-time basis or as a contractor,” writes Anderson.
“Offering those types of scenarios allows an organization to keep expertise and knowledge in the workplace, while also bringing in youth to entry-level positions to develop future staff and reducing the loss of knowledge caused by a retiring workforce.”
More: Put myths related to older workers aside.

ARIA provides a forum for an informed discussion on retirement income adequacy, and other related issues, including pension and retirement coverage, and defined benefit pension plans – ARIA pensions blog, 12 Dunlop Street, Barrie, ON, L4N 1V6 – sitemanager@ariapensions.ca

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