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More than half of Canadian employees expect to keep working beyond their official retirement age, according to Randstad’s Global Workmonitor survey—and many of them don’t seem to mind.

Of those surveyed, 52% said they anticipate working beyond the age of retirement, and 47% say they’d be happy to work for an additional two years beyond the official retirement age. Just 32% of respondents said they expect to stop working before they reach retirement age.

The findings are reflective of other trends shown in polls such as the Bank of Nova Scotia’s 2011 survey, which found that 70% of Canadians plan to work past the usual retirement age of 65.

Jan Hein Bax, president of Randstad Canada, says the ageing population will have a significant impact on the 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,” he said. “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.”

The same sentiment is shared in many countries. 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.

However, not all countries are on board. In France, Germany, Luxembourg, the Netherlands, Spain and Switzerland, less than 30% said they’d be happy to work beyond the age of retirement.

According to Bax, it’s time for employers to realize the benefits of attracting and retaining mature workers. “Mature workers are willing to continue working past retirement age for many reasons, including financial stability, social interaction or intellectual stimulation,” he said. “Employers must find better ways to retain and attract Canada’s still-ready-and-willing mature workers in order to gain a competitive advantage amongst today’s ever-changing work force.”

© Copyright 2014 Rogers Publishing Ltd. Originally published on benefitscanada.com
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David:

Is it not interesting how this article gives us the impression that Canadians are happy to have the opportunity to work beyond our 65 thresholds? In fact I believe it’s tragic that because of cost of living increases over the last 10 years, tax increases and improperly managed world, financial stability as well as banking practices that we don’t have a choice. In this world of electronic financing it seems there are no implications for those who directly affect everyone’s retirement savings from disappearing at any time. No I don’t believe that we as Canadians “don’t mind” working as much as it has been forced upon us. Let’s focus on getting back to retiring at an earlier age and enjoying life as much as possible out of the workforce.

David, Kitchener, Ontario

Thursday, February 09 at 9:54 am | Reply

Kim:

I believe that many of us can not afford to retire at 65 and therefore do not have a choice. Government raising the age to 67 sure doesn’t make the situation any better either.
Some don’t mind working longer as this keeps the mind active and the body healthier and that is great but don’t tell me men and women who are in very exhausting and intensive jobs would still be doing them after 65 if they had a choice. Baby boomers are blamed for this countries woes but it’s the baby boomers who supplied the labour needed to build this country up as well and now that they have or our getting close to retirement the government is penalizing that dedication.

Kim, British Columbia

Thursday, February 09 at 1:33 pm | Reply

Francois Vinay:

I often see workers around me trying to do the minimum for the maximum pay. As workers, they are not engaged in their work and therefore in their society. Retiring is their goal and the sooner the better! I suppose this outlook on life may have been a legacy of the previous generation? Premium 55 was the dream! But the world was a rosier place, then. Many prefer to go on strike to gain pitiful small money while loosing big time with no salary, with no consideration for endangering the employer
Often a company need financial elbow room to secure the employee’s and the product’s future, but employees often refuse to relinquish even the smallest of concessions. There is an ‘feeling’ among people that companies equal big money and big security for management only. Some are indeed but big responsibility goes hand in hand with big taxes! Big earning companies are essential in any country to act as buffer in the overall economy.
Greece and Italy are a good example of this. There, people seem work for their benefit without consideration for the government especially when It comes to paying income tax! They are in trouble now and de facto, so are we!
The economy of the world seems to be siphoning down a drain! Investors in the past were counting on reasonable return. This include our government. If those take a dive, and if productivity takes a dive, then our, or any, country is at the mercy of a deep recession, not to say depression. And that include Canada, certainly!
I think working past the age of 65 is a must. If it can help alleviate drastic and unpopular consequence in our future. If the Inflow of money is reduced and the pensionable percentage of the population is increasing exponentially (for a while anyway) then taking prudent steps to prevent pension being lost altogether is a wise and intelligent move on the part of Canada.
I think we should understand this and pass it on to our entourage.
Francois Vinay, British Columbia and working past 65!

Thursday, February 09 at 3:07 pm | Reply

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