Keeping Older Workers In The Workplace

Extended Health Care (60%) Tops The List Of Desired Benefits

Tuesday, April 15, 2008

Toronto, ON – It appears that health assurances are the best thing an employer can offer older workers to keep them in the workplace. According to a recent poll conducted by Ipsos Reid on behalf of RBC, six in ten (60%) Canadians over the age of 55 say that extended health care benefits are the most important factor ( top three mentions) in deciding to stay in the workforce. Other popular options include flexible work hours (47%), having a guaranteed salary (34%), and phasing in the retirement process (24%).

As well, Canadians over the age of 55 like their downtime, saying they would want an average of 6.4 weeks of vacation per year. Thinking about what hours they would want to work, it appears that the general consensus is a workweek running from Tuesday to Thursday, working nine to noon each day.

Thinking about what might cause them to delay retirement, nearly half (49%) believe they need the money and don’t have enough saved. Four in ten (42%) say they want to stay active and keep challenging themselves mentally. One in four older workers (24%) indicate they enjoy the social part of their job, while one in five workers (21%) suggest they love their job and don’t want to stop working.

It seems that a good number of Canada’s older workers simply don’t want to leave the workforce, as over half (54%) say they plan on working with their current employer past the age of 65. Of those planning to work past the age of 65, one in four workers (26%) say they plan on working full-time for as long as possible, while another four in ten (36%) would like to work full-time for a few years, before scaling back to part-time work. Four in ten (38%) would prefer to switch to part-time work after the age of 65. On average, Canadian workers who are planning on working with their current employer past retirement age will work there for another 3.5 years.

Two in three (67%) workers over the age of 55 would prefer to move to a different job with their current employer, rather than switching employers completely. As well, while one in five (22%) Canadian workers who are eligible for retirement in ten years or less would phase in their retirement gradually, one in four workers (26%) would choose to retire and work on a contractual basis.

These are the findings of an Ipsos Reid poll conducted on behalf of RBC from 11/05 to 11/15, 2007. This online survey of 2,052 adult Canadian workers was conducted via the Ipsos I-Say Online Panel, Ipsos Reid's national online panel. The results are based on a sample where quota sampling and weighting are employed to balance demographics and ensure that the sample's composition reflects that of the actual Canadian population according to Census data. Quota samples with weighting from the Ipsos online panel provide results that are intended to approximate a probability sample. An unweighted probability sample of this size, with a 100% response rate, would have an estimated margin of error of +/- _ percentage points, 19 times out of 20.

For more information on this news release, please contact:
John Wright
Senior Vice President
Ipsos Reid
Public Affairs
(416) 324-2002
john.wright@ipsos-reid.com

About Ipsos Reid
Ipsos Reid is Canada's market intelligence leader, the country's leading provider of public opinion research, and research partner for loyalty and forecasting and modelling insights. With operations in eight cities, Ipsos Reid employs more than 600 research professionals and support staff in Canada. The company has the biggest network of telephone call centres in the country, as well as the largest pre-recruited household and online panels. Ipsos Reid's marketing research and public affairs practices offer the premier suite of research vehicles in Canada, all of which provide clients with actionable and relevant information. Staffed with seasoned research consultants with extensive industry-specific backgrounds, Ipsos Reid offers syndicated information or custom solutions across key sectors of the Canadian economy, including consumer packaged goods, financial services, automotive, retail, and technology & telecommunications. Ipsos Reid is an Ipsos company, a leading global survey-based market research group.

To learn more, please visit www.ipsos.ca.

About Ipsos
Ipsos is a leading global survey-based market research company, owned and managed by research professionals. Ipsos helps interpret, simulate, and anticipate the needs and responses of consumers, customers, and citizens around the world.

Member companies assess market potential and interpret market trends. They develop and build brands. They help clients build long-term relationships with their customers. They test advertising and study audience responses to various media. They measure public opinion around the globe.

Ipsos member companies offer expertise in advertising, customer loyalty, marketing, media, and public affairs research, as well as forecasting, modeling, and consulting. Ipsos has a full line of custom, syndicated, omnibus, panel, and online research products and services, guided by industry experts and bolstered by advanced analytics and methodologies. The company was founded in 1975 and has been publicly traded since 1999.

In 2007, Ipsos generated global revenues of €927.2 million ($1.27 billion U.S.).

Visit www.ipsos.com to learn more about Ipsos offerings and capabilities.

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Keeping Older Workers In The Workplace

Contact

John Wright
Senior Vice President, US
Ipsos Public Affairs
+1.416.324.2002
john.wright@ipsos.com