Rotterdam, The Netherlands, April 29, 2010 (ots/PRNewswire)
- The lure
of retirement is simply too much for many Europeans with almost one
in three workers (29%) saying they would prefer their government not
to raise the national retirement age, and would be happy to have less
income in retirement, according to Aon Consulting, the leading
employee risk and benefits management firm.
This research is part of the Aon Consulting European Employee
Benefits Benchmark which surveyed 7,279 workers across Belgium,
Denmark, France, Germany, Ireland, The Netherlands, Norway, Spain,
Switzerland and the UK, ten of the leading economies in Europe.
The Benchmark revealed that 46% of Irish workers, the most of any
European nation surveyed, say they never really expected to retire at
65 and expected to be working longer than their parents. This is
closely followed by the British and Danish (44%) and the Dutch (41%).
Many governments around the world have raised, or are in the
process of raising, the minimum retirement age in their country to
help pay for the pensions and healthcare of a rapidly aging
population. By 2050, more than 25% of the population in OECD
countries will be 65 years old or older, compared to slightly fewer
than 15% today**.
German workers are the most pragmatic about the situation, with
nearly half (49%) saying they will take advantage of financial
products on the open market, such as annuities, at their own expense
in order to be able to retire at the age they had originally planned.
On the other hand, a clutch of other countries, including
Germany, Spain, Switzerland and Belgium, showed a much lower
tolerance towards working longer. The Spanish are the most reluctant
to retire later, with just 18% saying they have accepted this
On average, over a quarter of Europeans accept that while they
may have to work longer due to government policy, they will take
responsibility for their own financial situation by purchasing
financial tools such as an annuity.
Across Europe, people displayed a very high awareness of the
minimum state retirement age, with an overall average of nine in ten
Europeans saying it was an issue in their country.
Oliver Rowlands, head of retirement, EMEA, at Aon Consulting
commented: "The turbulent economic environment of the past few years
has really forced people and governments to take stock, look at their
and their nation's retirement plans and evaluate whether they will be
ready for an ageing population.
"Europeans are living longer and more productive lives than
previous generations, so it is no longer a given that people should
retire in their early sixties. European employers should be aware
that older workers bring a wealth of experience and may want to adopt
a strategy for accommodating part-time working or job-sharing, for
"But employers need to do more to ensure the health and welfare
of an ageing workforce. Health and wellness initiatives such as
employee assistance lines (a service for employees offering free
counseling and professional advisory services), flexible benefits,
occupational health initiatives and flexible working days, are all
ways of helping to ensure the health and welfare of an ageing staff."
Please visit http://aon.mediaroom.com/index.php?s=43&item=1902
read the full press release and survey responses for the 10
** Source: OECD factbook: 2009
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ots Originaltext: Aon Consulting EMEA
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, +44(0)20-7505-7478; Bartjan
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