Report: The New Social Contract: Age-Friendly Employers


This year's Aegon Retirement Readiness Survey not only explores whether employers are doing enough for their employees' financial security, it also examines how helping employees can become mutually beneficial.

The report provides recommendations for employers and serves to stimulate societal debate on age-friendly workplaces and secure retirement. The report's call-to-action is a direct response to key changes in the world – people are living longer, and the nature of work is undergoing fundamental changes – requiring a New Social Contract dealing with the future of work and retirement planning. 

Key findings

  • Retirement preparedness, as measured by the Aegon Retirement Readiness Index (ARRI), has plateaued.
  • Only 34% of workers envision immediately stopping work and entering retirement. Yet, one in three workers feel that their employer is not doing anything to facilitate a multigenerational workplace, which could help them continue working later in life.
  • 62% of workers who receive financial advice as an employee benefit have well-developed personal retirement plans and 57% feel they are saving enough for their retirement.
  • Only 28% of workers globally say that they have the option to move from full- to part-time work to help them phase into retirement, while only 24% feel their employer offers work suitable for older workers.

The report offers three main recommendations:

  1. Cultivating an age-friendly workplace that recognises the value and contribution of workers of all ages.
  2. Offering workplace retirement benefits, matching contributions, and lifetime income solutions.
  3. Offering professional advice services to help workers create a concrete retirement action plan and if feasible extending advice to all workers.