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Saturday, December 04, 2010

Respiratory Ailments Slow Down Older Workers

According to a study prepared by the British Thoracic Society (BTS), 29% of those aged 51 through 60 report that they experience breathlessness, and that most of those state that this has adverse consequences for their work. In fact, the respiratory ailments often led to an extended sickness absence and that workers were more likely to retire due to ill health.
Mike Morgan, chair of the BTS, said: “The research paints a stark picture of the impact of breathlessness on people’s work performance. With the expectation that people will be working for longer, more needs to be done to ensure that the correct strategies are in place to support older workers who might be affected by respiratory problems, and help them to lead their everyday lives.”
Sources: The Telegraph "British workforces 'not geared up' to employ older workers" (December 3, 2010); Personnel Today "One-third of older workers struggle to breathe" (December 2, 2010)

Tuesday, November 30, 2010

Workplace Flexibility Groups Look To Greater Employer Engagement

The Sloan Foundation, which has funded numerous research studies around workplace flexibility, gathered many of those researchers and allied business and labor leaders, and government and military officials for a two-day effort to build on what Kathleen Christensen, Program Director, Alfred P. Sloan Foundation, termed a "growing consensus that workplace flexibility--in its many forms--can improve lives, support business objectives and strengthen the economy." Among the goals of the "Focus on Workplace Flexibility" gathering, held in Washington, DC, was to strengthen existing partnerships and to accelerate the process of making flexibility a standard of the American workplace. According to speakers, four-fifths of workers want flexibility, but only 29% have it, even though research shows that businesses do not lose profit by endorsing flexible workplaces.

Various research papers were presented at the event, including one focused on older workers ("Phased Retirement and Workplace Flexibility for Older Adults: Opportunities and Challenges" by Richard Johnson of the Urban Institute). In introducing some of these issues, Christensen noted how much is changing around retirement: retirement has become a joint decision for families for the first time, employees are working longer, and spouses are retiring at different times.

Source: Focus on Workplace Flexibility (November 29-30, 2010)

Singapore: Government Employees Will Be Able Secure Post-Retirement Beginning in July 2011

Singapore's Public Service Division has issued guidelines that will allow employees in the Singapore Public Service can look forward to early implementation of re-employment guidelines in July 2011, ahead of the national legislation. Specifically, re-employment will give officers the opportunity to work up to age 65 and, later, up to age 67, if, among other things:
  • an officer has, in the three years prior to retirement, put in satisfactory work performance as well as have no disciplinary action taken against them;
  • an officer is medically fit to continue working;
  • public service organisations may re-employ officers in jobs similar to that before retirement, or on other arrangements such as part-time, job-sharing, or project work; and
  • eligible officers must be informed at least six months before retirement to discuss re-employment, with an offer to be made at least three months before retirement.
Source: Prime Minister's Office Public Services Division Press Release (November 30, 2010)

Monday, November 29, 2010

Study: Retirement Good for One's Physical and Mental Fatigue

According to a study published in the British Medical Journal, while retirement does not change the risk of major chronic diseases, it is associated with a substantial reduction in mental and physical fatigue and depressive symptoms, particularly among people with chronic diseases. In "Effect of retirement on major chronic conditions and fatigue: French GAZEL occupational cohort study", the authors, led by Dr. Hugo Westerlund from Stockholm University, followed a large occupational cohort in France and looked at respiratory disease, diabetes, coronary heart disease and stroke, mental fatigue, and physical fatigue, measured annually by self report over a 15-year observation period.
Several explanations of these findings are possible. If work is tiring for many older workers, the decrease in fatigue could simply reflect removal of the source of the problem. Also, without the demands of work, participants may feel less concerned about limited energy, leading to lower ratings of fatigue. Furthermore, retirement may allow people more time to engage in stimulating and restorative activities, such as physical exercise.
The authors note, however, that participants in the study retired at 55 or close to that age, due to generous retirement provisions in France and from their employer, so that their findings may not apply to settings in which people retire later.

Writing an editorial "Is early retirement good for your health?" in the same issue of the BMJ, Alex Burdorf, PhD, Erasmus Medical Center in Rotterdam, the Netherlands, echoed these concerns and stated that "[r]esearch is needed to corroborate these findings in other countries with a substantially higher age of retirement."

Source: British Medical Journal Abstract (November 24, 2010)

Saturday, November 20, 2010

Research FInds 55 Plus Workers Remain Unemployed Longer than Younger Workers

New research from Boston College’s Sloan Center on Aging & Work and the Heldrich Center for Workforce Development at Rutgers University shows that older job seekers often face daunting challenges in finding employment compared to younger workers. Specifically, according to "The “New Unemployables” -- Older Job Seekers Struggle to Find Work During the Great Recession", co-authored by Maria Heidkamp, Carl Van Horn and Nicole Corre, among job seekers unemployed during the recent recession, adults aged 55+ are finding it increasingly difficult to land a job and are more likely to remain out of work longer than younger job seekers.

Among other findings:
  • 84% of older workers followed who were unemployed in August 2009 were still unemployed in March 2010, and 67% of older job seekers included in the survey reported looking for work longer than a year;
  • 12% of the older workers surveyed had taken new education or training courses in the past year, compared to 20% of younger job seekers;
  • 13% of older job seekers had used online social networking sites, compared to 28% of younger job seekers;
  • 64% of older job seekers rated the job search tools they were using as not helpful, compared to 49% of younger job seekers.
Sources Sloan Center on Aging & Work News (November 16, 2010); New York Times Economix Blog "Older Job-Seekers More Willing to Take a Pay Cut" (November 17, 2010)

EEOC Hears Testimony on Impact of Recession and Age Discrimination on Older Worrkers

The U.S. Equal Employment Opportunity Commission (EEOC) held a meeting at which various experts testified that age discrimination is causing the nation’s older workers to have a difficult time maintaining and finding new employment, a problem exacerbated by the downturn in the economy. The hearing was conducted at a time in which the number and percentage of age discrimination charges filed with the EEOC have grown, rising from 16,548 charges--21.8% of all charges--filed in fiscal year 2006, to 22,778--24.4% of all charges--in fiscal year 2009.

In the leadoff testimony, Dr. William Spriggs, Assistant Secretary for Policy, U.S. Department of Labor, testified that the rate of unemployment for people age 55 and over "rose from a pre-recession low of 3.0 percent (November 2007) to reach 7.3% in August, 2010, making the past 22 months the longest spell of high unemployment workers in this age group have experienced in 60 years." Older workers also spend far more time searching for work and are jobless for far longer periods of time compared to workers under 55.

In addition, the EEOC heard testimony on legal issues from Mary Anne Sedey, Partner, Sedey Harper P.C., Michael Foreman, Clinical Professor, Pennsylvania State University, Dickinson School of Law, and R. Scott Oswald, Principal, The Employment Law Group. This was followed by testimony on employer best practices from Deborah Russell, Director, Workforce Issues, American Association of Retired Persons and Cornelia Gamlem, President, GEMS Group and Society for Human Resource Management. Among other things, Gamlem highlighted strategies to create discrimination-free workplaces that recognize the value of older workers; programs, such as flexible work arrangements, that enable employees to work longer if they choose to do so; and ways to implement reductions-in-force to avoid inadvertent age-based discrimination.
"Hard working men and women should never be harassed at work or forced out of their jobs on account of their age,” said EEOC Chair Jacqueline A. Berrien. “The testimony we heard today also sheds light on some of the unique challenges faced by older job seekers and will be invaluable as the Commission works to strengthen its enforcement of the Age Discrimination in Employment Act."

"The treatment of older workers is a matter of grave concern for the Commission,” said EEOC Commissioner Stuart J. Ishimaru. “We must be vigilant that employers do not use the current economy as an excuse for discrimination against older workers.'
Source: U.S. Equal Employment Opportunity Commission Press Release (November 17, 2010)

Thursday, November 18, 2010

Germany: Government Reaffirms Commitment To Raising Retirement Age

According to news reports, Labor Minister Ursula von der Leyen has confirmed that the plan to raise the retirement age gradually beginning in 2012 from 65 to 67 will proceed and presented a report showing improved employment opportunities for older workers. Von der Leyen said that the employment rate for those aged 60 to 65 is currently at 38% and has doubled in the last 10 years; furthermore, without the changes, Germany would be forced to cut pensions or drastically increase employee contributions.

Economists cited in the daily Financial Times Deutschland argued this trend should continue--Martin Dietz from the Institute for Employment Research (IAB) told the paper that an employment rate of 50% was possible for over-60 workers.

The retirement change will begin in 2012, with those born in 1947 having to work one month extra. The transition is to be complete years later when those born in 1967 retire at the age of 67.

Sources: Deutsche Welle "Government sticks to plan for retirement age to increase to 67"; The Local "Labour Ministry defends raising retirement to 67" (November 17, 2010)

Monday, November 15, 2010

European Parliament Calls on Solidarity between Generations including "50-plus Employment Pact Initiative"

The European Parliament has passed a resolution calling for measures to improve job prospects for young and old, and so reduce the costs of funding social security and pensions. The "the demographic challenge and solidarity between generations" resolution addresses rising longevity and a declining birth rate in Europe, stating that access to employment should be at the core of policy-making between generations, as younger and older people face higher levels of unemployment.

Among other things, the resolution proposes that the European Commission and member states take "a fifty-plus employment pact initiative" to increase the share of workforce aged over 50 to 55%, eliminate early retirement incentives, combat aged-based discrimination and to develop incentives and opportunities for workers over the age of 60 to pass on their knowledge and experience. Included would be "setting country-specific targets for access to training and lifelong learning for older workers, broken down by age group and gender, thus increasing the proportion of people of all generations in initial and further training; and facilitating access to training for older workers by the setting up of incentives/bonuses by employers for older workers who decide to continue their education after the age of 50."

The resolution also calls on the Commission to develop a proposal to make 2012 "the European Year of Active ageing and Solidarity between generations", which will highlight the contribution of older people to society.

A background report on on the demographic challenge and solidarity between generations is also available.

Source: European Parliament Press Release (November 11, 2010)

Saturday, November 13, 2010

United Kingdom: 50 Plus Workers Want To Retire Earlier, Note Career Stagnation

A survey conducted by the Employers Forum on Age (EFA) and Cranfield School of Management reports that even though mandatory retirement will end in the United Kingdom and the retirement age will rise to 66 in 2020, on average workers want to retire at 61. In addition, the study--"Change at any Age"--finds that there is considerable stagnation in the careers of many over 50s, and many employers are not currently doing enough to prevent this and the loss of skills and attitudinal problems that result.

The study noted the stagnation in different trends. For example, the average time since individuals had made their last transition was, for those under 30 year olds, 12 months, while it was 28 months for for 31-50 year olds, and 37 months for over 50 year olds. In addition, while romotions were the most common form of career transition overall, older workers were less likely to have been promoted outside of their current business unit. Older workers were also more likely to have reduced the number of hours that they work.
Rachel Krys, Campaign Director at the Employers Forum on Age, comments: "As employment rates have risen in the past decade, there are now a lot more people remaining in their jobs for longer before they retire. However, our study tells us that many employers do not have the correct measures in place to motivate older workers and help them develop. This means that apathy may set in amongst the workforce once it reaches a certain age, which has a detrimental effect on both individuals' own working lives and those around them. Workers now need to have more than one career in their lifetime to keep them motivated as they get older, so therefore many employers must change the way they manage people in the future."
Source: Employers Forum on Age Press Release (November 11, 2010)

Friday, November 12, 2010

The Wealthy Never Retire According to Barclay's Report

According to a survey of wealthier individuals issued by Barclay's Wealth, most of those surveyed want to keep on working in some form and never intend stopping, even if they have little financial need to do so. Barclay's The Age Illusion: How the Wealthy are Redefining Their Retirement calls these people "Nevertirees" and says that they "are very actively engaged in what we would traditionally regard as their retirement years; continuing to work, starting businesses and taking on new projects." Some 60% of respondents say they envision always being involved in commercial or professional work of some kind, whatever their age.

However, while the corporate sector will gain from their experience at the board level, businesses may worry about how to get individuals eventually to step down. In addition, continuing to work may complicate succession issues at firms.
Sarah Harper thinks increasing numbers will want to keep on working but not necessarily in the same role. As lead investigator on Oxford's Ageing Workforce Programme, she has recently completed a study on "Extending Late Life Work" and she says, "We do a lot of work around the importance of the age of 50 to 70 - an age when you're incredibly experienced, you've got so much to offer, but maybe want a second career. Maybe you want to do something different, or maybe you want to stay in the same work but in a different role."
Source: TAEN "The Rise of the Nevertirees" (November 11, 2010)

Thursday, November 11, 2010

Ireland: Older Workers Faring Better in Recession in Both North and South

According to the Centre for Ageing Research and Development in Ireland (CARDI), older people are better represented in the workforce in Ireland, North and South, than in the past and have been less affected by unemployment during the recession than their younger counterparts. This information was presented at a seminar on "Living Longer, Working Longer" at which CARDI also explored issues such as the impact of an aging population on Ireland’s workforce, North and South; the reasons why some people retire early and others continue working; and the urgent need for research on older people’s experiences in the workforce in light of the fact that the retirement age is set to rise.

On the statistical front, the number of workers aged 55 or older rose by 73% in the Republic of Ireland between 1998 and 2008 (up 120,000) and by 50% in Northern Ireland (up 35,000). In particular, older women have benefited, with the female labour force participation rate at age 55-59 jumping in the Republic of Ireland by a full 20 percentage points, from 30% to 50%, and for women aged 60-64 increasing from 17% to 33%.
“The pension age in both the Republic of Ireland will rise to 66 in 2014 and Northern Ireland in 2016 and later to 68,” said [Paul McGill, Strategic Research Officer with CARDI]. “At the same time, the numbers of older people in Ireland as a whole are steadily increasing: by 2041, it is estimated there will be 1.89 million people aged 65 and over. In light of this, government and employers need to make provisions now to accommodate older workers."
CARDI cited a number of reasons why older people are better represented in Northern Ireland’s current workforce than they were in the past, including:
  • employers having greater difficulty offering pension top-ups to encourage early retirement;
  • the outlawing of discrimination against older workers is beginning to have an effect;
  • older people may have been worried by increases in food and fuel prices during the economic boom and, as a result, decided to hold on to their jobs for longer; and
  • Poor private pension provision.
Source: Centre for Ageing Research and Development in Ireland News (November 10, 2010)

Russia: No Plans To Raise Retirement Age

In an interview published in Rossiiskaya Gazeta, Russian President Dmitry Medvedev says that there are no plans to raise the retirement age, even if there are shortfalls in the Russian pension system and one of the lowest retirement ages. According to Medvedev, the much lower mortality age in Russia dictates a different approach to retirement age than in other Western countries.
“In a society where people live up to 90 years, retirement at the age of 70 appears to be normal. In such a society people are confident that with the high level of health care and proper attention to their own health after retirement they have many years to rest, travel around the world and spend time with grandchildren,” the president said.

“It’s not so simple here. And this is why we cannot just copy Western pension systems. Our life standards are different. And the average life expectancy is different too,” he added.
However, Russian presidential aide Arkady Dvorkovich said the country might need to increase the retirement age in several years.

Source: ITAR-TASS "Medvedev says no plans to raise retirement age in Russia in near futurе" (November 11, 2010)

Wednesday, November 10, 2010

France: Pension Reforms Signed into Law

According to press reports, French President Nicolas Sarkozy has signed into law pension reform changes that will gradually raise by two years the minimum retirement age and the fully pensionable retirement age, to 62 and 67, respectively. The signing followed immediately on the approval of those provisions by the Constitutional Council.

The Council's decision and the law are available in the Journal Officiel of November 10, 2010.

As noted in the Washington Post, this change is viewed by some outside France as only a moderate change:
Simon Tilford, chief economist at the Center for European Reform in London, says Sarkozy "had no choice" other than to get the reform through because otherwise France's - and his - credibility would have suffered.

"For anyone outside of France, this looks like a pretty modest move forward," he said. "Other EU countries are moving much much more rapidly" on pension reform.

France has the highest life expectancy in Europe but still one of the lowest retirement ages, prompting Tilford to predict that retirement issues will come up again before markets believe that France has its finances in order.

"A retirement age of 62 is still far far too low," he said.
Sources: Reuters "France's disputed pension reform becomes law" (November 10, 2010); Washington Post "Sarkozy signs the law: French retire at 62, not 60" (November 11, 2010)

Friday, November 05, 2010

United Kingdom: Study Shows Offshore Workers are Getting Younger

In a sign that concerns about an aging workforce in the energy sector may be receding, Oil & Gas UK has released a report showing that, for 2009, the average age of offshore workers is 40.4 years old--the lowest since the industry body began compiling this data in 2006. According to "Oil & Gas UK Workforce Demographic Report 2009," there is also evidence of much younger workers taking up positions in key areas, with, for example, increases in the numbers of 18 to 23 year olds and 24 to 29 year olds working in areas such as deck crew, drilling, electrical, management, production, rigging and scaffolding.
Oil & Gas UK’s health, safety and employment issues director, Robert Paterson, said: “Oil & Gas UK’s latest offshore workforce demographics report highlights some very positive findings indeed.

“It’s encouraging to see evidence of not only the youngest recorded average age of offshore workers but more and more young people under the age of 30 taking up important skilled jobs in key areas of the offshore industry.

“I think we can now put the myth to bed that the North Sea and wider UKCS has an ageing workforce."
Source: Oil & Gas UK Press Release (November 4, 2010)

Sunday, October 31, 2010

United Kingdom: Survey Highlights Reasons for Extending Working Life and Non-age-based Reasons for Ceasing to Work

The Chartered Institute of Personnel and Development (CIPD) has release the results of a survey showing that 41% of employees in the United Kingdom plan to work beyond the state retirement age, compared to 29% who don’t. In addition, the survey of 2,000 workers found that 44% opposed the law giving employers the right to retire employees once they reach their 65th birthday, while just 25% supported it.

Among those employees planning to work beyond the state retirement age, 72% cited financial reasons as a motivation, followed by people’s needs and aspirations to continue using their skills and experience (47%), benefit from social interaction in the workplace (41%), and for self-esteem (34%). In addition, the survey asked the respondents what should guide the extension of working life and 64% cited health, 62% personal performance, and 31% the availability of a suitable job; however, 13% of employees don't believe employers should be able to require people to retire on the basis of any of these criteria.

According to Dianah Worman, diversity adviser, CIPD:
The CIPD, however, warns that employers will need to make sure their people management policies and practices are in mint condition to manage an increasingly age diverse workforce. The prevailing demographic changes, due to people living longer and healthier lives, and an average birth rate that is below replacement level, demand action. Effective and fair performance management across the whole workforce will be critical, as will inclusive and creative approaches to flexible working, to support businesses in meeting their goals. If employers drag their heels in getting to grips with an ageing population and the associated 21st century people management challenges, they will fall behind more progressive competitors in sustaining business performance.
Source: Chartered Institute of Personnel and Development Press Release (October 29, 2010)

Wednesday, October 27, 2010

Research: Wholesale Sector Behind Other Industries in Preparing for Aging Workforce

According to the latest in a series of industry-focused looks at employer preparedness for an aging workforce, researches at Sloan Center on Aging & Work at Boston College note that the wholesale sector reports greater problems associated with shifts in the age demographics of the workforce as compared to other sectors. In "Talent Pressures and the Aging Workforce: Wholesale Sector," the Center reports that, from 2000-2007, the percentage of wholesale workers aged 55-64 increased by 35% compared to 28% in all industries, and employment of wholesale workers aged 65+ increased by 10%, compared to 7% in all industries.

Among other things, the report finds that that many employers in the wholesale trade sector have only a limited knowledge of their workforce, and that a large-scale exodus of workers could leave some employers in this sector with stiff challenges in locating replacement employees. To this end, the report suggests, among other things, that the the aging of the workforce offers employers in the sectoran opportunity to re-vitalize their flexible work options, because older workers express a preference for access to flexible work options.

Source: Sloan Center on Aging & Work at Boston College Publication News (October 2010)

Thursday, October 21, 2010

Survey: Adoption of Social Media at Work by Generations

Gen-Y doesn't have the lock on using social networks at work. According to a survey commissioned by Citrix Online, Gen X workers make up the majority of those who use social networking for business, followed closely by Boomers aged 55 and older, while Gen Y's use of collaborative technology lagged the others. Among the findings by Forrester Consulting, which conducted the survey of 797 "information workers" (anyone who uses a computer for work) evenly split between the United States, United Kingdom, France, Germany and Australia:
  • Gen Y is least likely to share information via text message (26%, compared to 47% of those aged 55 and older), and least likely to use video conferencing, video chat and web conferencing tools
  • Gen Y is least likely to think meetings are efficient, with only 29% of Gen Y workers thinking meetings used to decide on a course of action are very efficient, compared to 45% of Older Boomers
  • 79% of those aged 55 and over think it's important to have in-person meetings, compared to 65% of Gen Y
Source: Citrix Online Press Release (October 19, 2010)

Tuesday, October 19, 2010

United Kingdom: Britons Want To Avoid Boredom and Keep Working

A survey conducted by Friends Provident has found that British workers hope to continue to work past retirement age to keep themselves active and in touch with the outside world. Specifically, 51% of the respondents stated they wish to continue working after they reach the retirement age as a way of staying active, 47% that they will get bored when they stop working, and 43% that they enjoy the social contact that comes from being in a working environment.

Issued as Visions of Britain 2020 series--Ageing and Retirement, the report also found that "Britons have already started to see an end to 'cliff edge retirement' and a steady turn towards phased retirement, this trend will intensify dramatically in the next ten years. By a ratio of two to one the Delphi Panel of experts felt that older workers will seek jobs which carry less responsibility as they wind down to full retirement. Because of this increasing trend, employers in the next decade will have to act swiftly in adapting their businesses and the roles within them for the new breed of older workers."

Source: Friends Provident News Release (October 18, 2010)

Survey: Employers Confront Loss of Skilled Workers and Critical Knowledge with Retirement of Older Workers

Career Partners International(CPI) has released the results of a survey of senior executives and HR executives and managers from 26 countries, finding that 64% thought retiring workers would have a significant impact on their organization, while at least 90% expect retirements to significantly increase the loss of knowledge and expertise. However, the CPI Global Mature Workforce Survey found that only 34% anticipated making changes to employment practices or benefits or make their organization more attractive for current employees or recruits.

CPI says that the sectors most concerned about their loss of competitive edge due to retirements included business services, government, manufacturing and utilities. In addition, it noted that large and small firms had different expectations about the impact of retiring workers, with 73% of large organizations expecting at least a significant impact, while only 59% of small organizations had similar expectations.

In addition to the survey results, CPI has made available a webinar, which has experts presenting their thoughts on the analysis of results, including additional information not previously presented.

Source: Career Partners International News Release (October 7, 2010)

Friday, October 15, 2010

Book: Global Aging Spurring Globalization, with Younger Countries Poised For Growth

The New York Times Magazine has published an extensive excerpt from a new book by Ted Fishman (Shock of Gray: The Aging of the World's Population and How it Pits Young Against Old, Child Against Parent, Worker Against Boss, Company Against Rival, and Nation Against Nation) in which he, looking at aging demographics globally, argues that he pace of global aging is quickened by the speed and scope of globalization, that these intertwined dynamics bear on the international competition for wealth and power, and that the high costs of keeping our aging population healthy and out of poverty has caused the United States and other rich democracies to lose their economic and political footing. Thus, "[c]ountries on the rise amass wealth and geopolitical clout by refusing to bear those costs. Older countries lose work to younger countries."

Among the many examples Fishman offers of how countries are differing in their approaches to aging populations he shows what China is doing to lure the world’s production and capital while its work force is young.
In large part, it does this by denying meaningful pensions and health care to its people today. Not only do the vast majority of elderly Chinese have little more than their meager savings, but today’s workers have pensions so measly as to be irrelevant. To keep the cost of manufacturing in China low for the rest of the world, the young Chinese work force is, for now, rarely provided more than token pensions, health care or disability insurance. In aging, developed countries, older workers with long tenure are usually at their peak in terms of pay and the cost of their benefits. Here in the United States, for example, health care costs for workers who are between 50 and 65 are, on average, almost two times what they are for their peers in their 30s and 40s. When the median age of workers climbs in the United States, so does the cost of insurance their employers must buy for them.
However, Fishman also points out that the United States is not in the same boat as many rich countries where aging populations have taken hold. where balization can take hold with remarkable swiftness. Thus, Japan was one of the youngest countries in the world until around 1950, and now may be the world’s oldest. In contrast, the United States, while subject to the same two big trends of longer lives and smaller families, is aging much more slowly due to the arrival of young immigrants, including millions from Latin America.

Fishman also addresses various aspects of the aging workforce. For the United States, he notes one apparent contradiction: that at the same time that unemployment among older workers is at a peak, the percentage of older people with jobs is also near a high, because more people must work to make ends meet. He also points out that there is a transformation starting of older workers into a giant contingent workforce. He also suggests that looking at what is happening in "older" countries can help inform where the United States is heading:
In Japan, retirees from the biggest companies are well provided for, but for many of the rest — workers at smaller companies, the self-employed — the fear of outliving their money is real. One in five elderly Japanese lives in poverty. So the Japanese stay on the job when they can. Since 2006, the number of Japanese still working after the customary retirement age of 60 has risen by more than 11 million. Most are officially retired but are back at their companies, under contract. They typically earn about half their former wages.
Source: New York Times Magazine "As Populations Age, a Chance for Younger Nations" (October 14, 2010)