Report: The New Social Contract: Age-Friendly Employers
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:
- Cultivating an age-friendly workplace that recognises the value and contribution of workers of all ages.
- Offering workplace retirement benefits, matching contributions, and lifetime income solutions.
- Offering professional advice services to help workers create a concrete retirement action plan and if feasible extending advice to all workers.