Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Retirement Now A Matter Of Choice

Media Statement

Retirement Commission

28 November 2003

Retirement now a matter of choice

Retirement Commissioner Diana Crossan says that the days of everyone retiring at a specific age are over.

Ms Crossan said the latest statistics showed that older workers were choosing a variety of working and non-working lifestyle options.

The Household Labour Force Survey conducted quarterly by Statistics NZ reveals that over the past ten years, the proportion of people aged 65 and over who are working has increased from 5.1% to 9.4%.

Employment rates for this group, and particularly for males aged 65 and over, are rising faster than for the population in general.

"The once commonly held idea that you stop working at 60 or 65 is no longer true for many New Zealanders," says Ms Crossan.

"The increasing number of people working past the age they start to receive New Zealand Superannuation is a growing trend.

"People are now choosing a wide variety of lifestyles as they get older. Some just continue to work on regardless, some work as they can or need to, and others stop working altogether," Ms Crossan said.

"Some people physically need to retire before they reach 65, others want to retire, and others want to keep working into their 70's. What we're starting to see is the changing nature of 'retirement' itself."

Ms Crossan said employers will become more aware of the real value of older employees, particularly if skill shortages in the future create a demand for the skills, judgement and accumulated knowledge of older workers," she said.

"There are benefits for employers, employees and the economy of older people staying in the workforce longer. Many people enjoy the continued stimulation and social contact, and of course the ability to keep earning income," said Ms Crossan.

Research by Professor Richard Disney, a UK-based academic currently visiting New Zealand, showed that policies of governments around the world could actually discourage older people from working.

"Prejudices about old age can become institutionalised - so even policies which might on the surface seem helpful actually persist in creating the myth of mandatory retirement and actively discourage older people from working.

"Policies will need be flexible - developing along with the increased variety of people's working choices.

Disney's research shows how lifting constraints on employment, such as retirement tests and early retirement benefits, lifts the activity rates of older workers.

/Ends

Richard Disney, Professor of Economics, University of Nottingham, and world expert on retirement income issues will be delivering a public address on:

Date: Thursday 27 November 2003

Time: 10:00am - 11:30am

Venue: Law School Lecture Theatre 2, Annexe, Stout Street

RSVP: Sharon Thatcher, Retirement Commission,
sharon.thatcher@retirement.org.nz

The session will be chaired by Retirement Commissioner Diana Crossan. Professor Gary Hawke, Head of the School of Government at Victoria University of Wellington, will provide commentary on the presentation.


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Stats NZ: Unemployment Declines As Underutilisation Rises

The seasonally adjusted unemployment rate decreased to 4.7 percent in the March 2021 quarter, continuing to fall from its recent peak of 5.2 percent in the September 2020 quarter but remaining high compared with recent years, Stats NZ said today. ... More>>

ALSO:

Digitl: The Story Behind Vodafone’s FibreX Court Ruling

Vodafone’s FibreX service was in the news this week. What is the story behind the Fair Trading Act court case? More>>

Commerce Commission: Vodafone Found Guilty Of Misleading Conduct Over 'FibreX' Service

Vodafone NZ Limited has been found guilty of engaging in conduct that was liable to mislead consumers in relation to its FibreX branded broadband service. In a case brought by the Commerce Commission and heard last year, the Auckland District Court ... More>>


Westpac: Announces Strong Financial Result

Westpac New Zealand (Westpac NZ) [i] says a strong half-year financial result has been driven by better than expected economic conditions. Chief Executive David McLean said while the global COVID-19 pandemic was far from over, the financial effect on ... More>>

MYOB: SME Confidence In Economic Performance Still Cautious

New insights from the annual MYOB Business Monitor have shown the SME sector is still cautious about the potential for further economic recovery, with two-in-five (41%) expecting the New Zealand economy to decline this year. The latest research ... More>>

Tourism Industry Aotearoa: Trans-Tasman Bubble Benefits NZ

More people have entered New Zealand than have left since the opening of the trans-Tasman bubble, says Tourism Industry Aotearoa. Since the first flight from Australia to New Zealand took off from Sydney to Auckland on 19 April, the two-way Tasman travel ... More>>