Tuesday, June 21, 2016

New Zealand: Businesses Not Geared Up For Older Workers

New Zealand's Retirement Commissioner has issued a report finding that while the number of New Zealanders working past 65 is on the rise, most businesses are not geared up for them. According to the study--"Ageing workforce business survey, May 2016"--carried out as part of the Commissioner’s review of retirement income policies, 83% of the 500 companies questioned have no policies or strategies in place for workers aged over 50. Furthermore, "it doesn’t matter what sort of work they do: the results for those engaged in manual work, such as farming and forestry, were no different to those in manufacturing or the service sector."

Among other things, the survey found that:
  • 69% of the businesses agree that there’s a shortage of highly experienced workers in their industry;
  • 70% are concerned about losing skills and experience when older workers retire; and
  • 77% of companies do not carry out any active retirement planning to help their employees transition from full-time work.
Source: Commission for Financial Capability "Businesses ignore NZ's ageing workforce" (June 21, 2016)

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