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Saturday 14 December 2019

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Two fifths of Swiss approaching retirement want to continue working

Written by Jack Gray
15/11/19

Two fifths (40 per cent) of Swiss workers between the ages of 50 and 64 want to continue working beyond retirement age, research from Deloitte has revealed.

Of those who want to continue working, 35 per cent would prefer to work part-time, while 5 per cent said that they want want to continue working full-time.

This could provide a boost to the Swiss labour force, as it is estimated that by 2030 the workforce could face a shortage of up to half a million workers.

Although a significant proportion would like to continue working, only 30 per cent of those who want to continue believe that they will be able to keep working, according to Deloitte.

In 2018, just 23 per cent of 65-69 year-olds were actively employed.

The firm urged Swiss companies, employees and the government to take action to plug the labour force gap.

“Our study shows that a good part of the 50+ age group is clearly willing to continue work beyond the statutory retirement age,” commented Deloitte Switzerland chief economist, Michael Grampp.

“This is good news for the Swiss economy. If this potential were fully tapped, it could substantially correct the worsening imbalance between those entering and leaving the labour market and relieve pressure on the social security system,” he added.

Deloitte said that the lack of working 65+ year-olds could be as a result of the statutory retirement age, which suggests t employees that they will automatically retire when they reach that age.

It also stated that there was a lack of opportunities for older workers, as companies were concerned of the cost, skills mismatch and age prejudices.

Deloitte argued that there was a lack of incentives for Swiss employees to continue working, and that it was “not financially advantageous” for people to work beyond retirement age.

Deloitte Switzerland managing partner, Adam Stanford, added: “It is key that not only employees, but also employers change their approach to the ageing workforce if we want to ensure an improved inclusion of older people in the labour market.

“Companies must create opportunities to dissuade employees from taking early retirement or to continue working beyond retirement age.

“And we’ve seen that that’s something that a lot of workers actually want, not only companies looking to make better use of the potential pool of labour represented by older workers.”



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