The New Social Contract: Age-Friendly Employers: Retirement Readiness Report 2020 | Aegon

Workforce Trends

Although it is too soon to determine the coronavirus pandemic’s long-term impact on workers’ retirement security, indicators before the pandemic already suggested that workers are planning to work longer, beyond retirement eligibility. The reasons span from people living longer, the personal preference to stay active, to financial necessity. This 70+page report provides recommendations for employers and serves to “stimulate the much-needed societal debate on age-friendly workplaces and secure retirement.” It offers practices that employers can implement to support their employees to extend their working lives and financially prepare for retirement, including the development of skills, education, and well-being. One interesting finding is that, while 50 percent of workers report having flexible working hours, only 28 percent indicate their employers offer pre-retirees the option to move from full-time to part-time work while phasing into retirement. However, 57 percent expect a phased transition into retirement. This report helps to identify opportunities to leverage this worker segment when addressing talent gaps and planning for future workforce needs.

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