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Book part
Publication date: 1 October 2008

Alan L. Gustman and Thomas L. Steinmeier

Using data from the Health and Retirement Study, we examine behavioral responses to a new generation of retirement policies that on average are actuarially neutral…

Abstract

Using data from the Health and Retirement Study, we examine behavioral responses to a new generation of retirement policies that on average are actuarially neutral. Although many conventional models predict that actuarially neutral policies will not affect retirement behavior, our model allows those with high-time preference rates to find that the promise of an actuarially fair increase in future rewards does not balance the loss from foregone current benefits. Thus together with liquidity constraints facing those with high-time preference, we find that actuarially neutral policies do affect retirement behavior. One such policy follows on the elimination of the Social Security earnings test for those over normal retirement age, and would eliminate the earnings test between early and normal retirement age. Another of these policies would increase the ages of benefit entitlement. Still another such policy emerges from a central focus of the past few years on the adoption of personal accounts. Although Social Security benefits are currently paid in the form of an annuity, benefits from either defined benefit plans or from personal accounts may be made available as an annuity or as a lump sum of equivalent actuarial value. A related policy choice between actuarially equivalent benefits emerges on the pension side. There has been discussion of relaxing the current IRS prohibition against paying a pension benefit when a person remains at work, instead allowing partial pension benefits to be paid to those who partially retire on a job.

Details

Work, Earnings and Other Aspects of the Employment Relation
Type: Book
ISBN: 978-1-84950-552-9

Article
Publication date: 1 August 1993

Salem M. Altuhaih

Early retirement in the Arabian Gulf States and in Kuwait inparticular became a public issue before and after the Gulf War. Reportsa recent study of Kuwaiti nationals who…

Abstract

Early retirement in the Arabian Gulf States and in Kuwait in particular became a public issue before and after the Gulf War. Reports a recent study of Kuwaiti nationals who retired from the Government sector from 1979 to 1989: more than 84 per cent of the sample were 50 years of age and younger; more than 70 per cent of the women and 52 per cent of the men were college graduates; more than 74 per cent of the women and 32 per cent of the males spent less than 25 years in service; and more than 51 per cent of men and 42 per cent of women worked after their retirement. The sample considered early retirement benefits and management‐organizational factors to be the major influences on their early retirement decision and proposed improving the management‐organization factors through training, managerial development, career development, and counselling as means for reducing the outflow of Kuwaiti manpower from the Government sector, and offsetting the early retirement trend.

Details

International Journal of Manpower, vol. 14 no. 8
Type: Research Article
ISSN: 0143-7720

Keywords

Article
Publication date: 15 June 2010

Amy M. Warren and E. Kevin Kelloway

The purpose of this study is to use the theory of planned behavior to test a structural model of retirement timing intentions of older workers in Canada following the…

1849

Abstract

Purpose

The purpose of this study is to use the theory of planned behavior to test a structural model of retirement timing intentions of older workers in Canada following the abolishment of mandatory retirement.

Design/methodology/approach

A survey of 281 working individuals was conducted in order to test a model of retirement timing.

Findings

The model was a good fit to the data. Attitudes toward people at work predicted people's attitudes toward work. Attitudes toward work predicted age and life perceptions. Age and life perceptions predicted control. Control predicted social/policy influences, and finally social/policy influences predicted planned retirement age.

Research limitations/implications

The main limitations of this study were that the authors tested a model based on self report data. Furthermore the data were correlational therefore they cannot make causal inferences.

Practical implications

Work attitudes predict people's own perceptions of their life and age. And these are predictive of norms. Organizations need to consider people's perceptions of their work, if they are to retain workers past the normal retirement age. Implementing work practices/policies, e.g. flexible work, become key considerations for these organizations.

Originality/value

The authors now have empirical support for the contention that norms are important for investigating the short term effects of lifting mandatory retirement, but also when considering the long term effects that changing mandatory retirement policies may have on individual's retirement timing. Furthermore, they have a more comprehensive model of retirement timing.

Details

International Journal of Manpower, vol. 31 no. 3
Type: Research Article
ISSN: 0143-7720

Keywords

Abstract

Details

Panel Data and Structural Labour Market Models
Type: Book
ISBN: 978-0-44450-319-0

Article
Publication date: 14 April 2014

Yehuda Baruch, Susan Sayce and Andros Gregoriou

– The purpose of this paper is to explore potential benefits and possible pitfalls of the removal of the default retirement age.

2089

Abstract

Purpose

The purpose of this paper is to explore potential benefits and possible pitfalls of the removal of the default retirement age.

Design/methodology/approach

A human capital and labour market perspective provide theoretical lenses for exploring the potential implications for individuals, organizations and societies. The paper employs financial costing analysis to demonstrate.

Findings

The paper uses the UK case to illustrate anticipated managerial and societal outcomes. The main finding from the discussion and the financial analysis is that indeed the current system is unsustainable.

Originality/value

The paper offers areas where lessons about age management can be learnt from other experiences of flexible retirement strategies such as enhancing older workers ' human capital. The idea is of global nature and relevance and forms a “wake-up call” for decision makers at national level.

Details

Personnel Review, vol. 43 no. 3
Type: Research Article
ISSN: 0048-3486

Keywords

Article
Publication date: 8 March 2011

Matt Flynn

It is common for police services to set mandatory retirement ages at a relatively young level. The aim of this paper is to discuss the reasons for, and workforce planning…

1488

Abstract

Purpose

It is common for police services to set mandatory retirement ages at a relatively young level. The aim of this paper is to discuss the reasons for, and workforce planning implications of, mandatory retirement within the context of the London Metropolitan Police Service (MPS).

Design/methodology/approach

This research is based on in‐depth interviews with seven senior human resource managers and two trade union representatives in the MPS.

Findings

Workforce planning issues shaped managers' perceptions of the need for a mandatory retirement age of 60 for police constables. On the one hand, they were under pressure to increase the number of constables, and the possibility of extending working life was seen as one means to that end. On the other, it was feared that the retention of older police officers would lead to career blockages for younger police constables rising through the ranks.

Practical implications

Owing to labour and skills shortages, MPS managers were looking for ways to encourage older police officers to delay retirement. Innovative practices, such as offering flexible working hours, mentoring roles and pension incentives as alternatives to retirement were identified.

Originality/value

The qualitative data put the discussion of mandatory retirement in police services within the context of workforce planning rather than capability. For police authorities that maintain mandatory retirement policies, raising or abolishing retirement age would change the workforce planning paradigm in which police officers are recruited from, and retire at, young ages.

Details

Policing: An International Journal of Police Strategies & Management, vol. 34 no. 1
Type: Research Article
ISSN: 1363-951X

Keywords

Article
Publication date: 1 August 2002

Rafael Gomez, Morley Gunderson and Andrew Luchak

Issues associated with retirement in general, and phased transitions into retirement in particular, are taking on increased importance for a variety of reasons. Outlines…

3241

Abstract

Issues associated with retirement in general, and phased transitions into retirement in particular, are taking on increased importance for a variety of reasons. Outlines those reasons, paying particular attention to the practice of mandatory retirement. Presents age dependency ratios for the OECD to highlight the importance of these issues in the context of an ageing and longer‐lived workforce relative to a smaller working age population. Then discusses the prevalence of mandatory retirement in Canada and the USA, and presents empirical evidence from Canada on variables associated with retiring because of mandatory retirement. The Canadian case is of particular interest, because mandatory retirement in Canada has generally not been banned, which is in marked contrast with the situation in the USA, where it has been banned as constituting age discrimination. The public and legal debate over the issue of mandatory retirement has also been extensive in Canada, and this debate may provide information for other countries dealing with the issue. Ends with an assessment of the extent to which mandatory retirement exerts a constraining influence on transitions into retirement. The essential argument is that its constraining impact is not as simple as it may initially appear. To the extent that mandatory retirement is an intricate part of the compensation and human resource function of firms, banning it can have important implications for those functions and, in turn, for transitions into retirement. The complexities of these issues and dramatically increasing old‐age dependency ratios will ensure that this is an area of growing importance for public policy and human resource management.

Details

Employee Relations, vol. 24 no. 4
Type: Research Article
ISSN: 0142-5455

Keywords

Article
Publication date: 1 June 2010

Matt Flynn

It is common for police services to set mandatory retirement ages at relatively young ages. This paper seeks to discuss the reasons for, and workforce planning…

1131

Abstract

Purpose

It is common for police services to set mandatory retirement ages at relatively young ages. This paper seeks to discuss the reasons for, and workforce planning implications of, mandatory retirement within the context of the London Metropolitan Police Service (MPS).

Design/methodology/approach

In‐depth interviews were carried out with seven senior human resource managers and two trade union representatives in the MPS.

Findings

Workforce planning issues shaped managers' perceptions on the need for a mandatory retirement age of 60 for police constables. On the one hand, they were under pressure to increase the number of constables, and the possibility of extending working life was seen as one means to that end. On the other, it was feared that the retention of older police officers would lead to career blockages for younger police constables rising through the ranks.

Practical implications

Owing to labour and skills shortages, MPS managers were looking for ways to encourage older police officers to delay retirement. Innovative practices, such as offering flexible working hours, mentoring roles and pension incentives as alternatives to retirement were identified.

Originality/value

The qualitative data put the discussion of mandatory retirement in police services within the context of workforce planning rather than capability. For police authorities that maintain mandatory retirement policies, raising or abolishing retirement age would change the workforce planning paradigm in which police officers are recruited from, and retire at, young ages.

Details

Policing: An International Journal of Police Strategies & Management, vol. 33 no. 2
Type: Research Article
ISSN: 1363-951X

Keywords

Article
Publication date: 1 January 1976

James W. Walker and Karl F. Price

Retirement: is it the ‘golden years’ or is it relegation to the ‘human scrapheap’? In reality, it may be either, depending on a multitude of factors interrelated in a…

Abstract

Retirement: is it the ‘golden years’ or is it relegation to the ‘human scrapheap’? In reality, it may be either, depending on a multitude of factors interrelated in a complex process. This paper presents a model that describes this process and explains the retirement decision in behavioural terms. The model also shows the interaction between environmental, institutional and individual variables; their impact on retirement; and the impact of retirement upon them.

Details

Personnel Review, vol. 5 no. 1
Type: Research Article
ISSN: 0048-3486

Book part
Publication date: 7 November 2017

Dirk Hofäcker, Simone Braun and Matt Flynn

This chapter explores whether and how does the interplay of institutional context and management interventions lead older workers to delay retirement in Germany, the…

Abstract

This chapter explores whether and how does the interplay of institutional context and management interventions lead older workers to delay retirement in Germany, the United Kingdom and Hong Kong. The most important factors that influence retirement plans are placed on three analytical levels: the individual, the workplace and the institutional levels. It explores the importance of these factors and their cross-national variation in three different countries, namely Germany, the United Kingdom and Hong Kong. Using three national datasets we explore the relationship between the aforementioned factors via descriptive statistics and linear regression models. Institutional regulations seem to matter for retirement plans. But within countries, plans show varying patterns across social groups (lower educated, financially disadvantaged). The comparative design does not allow analysing specific institutional features directly, but findings are indicative for the fact that individuals take institutional frameworks into account when planning retirement transitions. The findings call for regime-specific solutions and future policies, for example, age-friendly workplace conditions and opportunities for requalification and mobility in Germany, rising retirement ages and greater financial security via more generous universal pension rights in Hong Kong and the United Kingdom.

Details

Managing the Ageing Workforce in the East and the West
Type: Book
ISBN: 978-1-78714-639-6

Keywords

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