Phased Retirement for Older Workers in Taiwan

Working part-time has become a popular option during transition from a full-time career job to full retirement among older workers all over the world. Five waves of The Survey of Health and Living Status of the Elderly in Taiwan, from 1989 to 2003, are used to study older workers?? part-time work behaviors. The data confirm that more than 20% of full-time older workers with at least 10?years of job tenure do not fully retire from their career jobs. Moreover, there exists a significant proportion of older workers who stay with their career jobs and work part-time. We found that due to pension regulations, public sector employees are less likely to stay with their long-term employers and use phased retirement options.     

Career Pathways into Retirement in the UK: Linking Older Women's Pasts to the Present

Understanding of how women's experiences in retirement are shaped by their pre‐retirement lives is limited. In this paper we utilize an innovative mix of measures to examine the link between career histories and expectations and experiences of retirement. Analysis of timeline data capturing the long working lives of a sample of older women identifies five different pathways into retirement. We explore these trajectories in detail to determine how they are shaped and their links to different outcomes in later life. The analysis shows how different career histories unfold and how they shape expectations and experiences of retirement. Long, professional career pathways leave women feeling enabled in retirement, women following more fragmented pathways are more constrained, and some trajectories, including pathways involving transitions into professional careers in later life, can leave older women financially and emotionally vulnerable in older age.     

Factors impacting intention to leave in social workers and child care workers employed at voluntary agencies

Introduction

To ameliorate high turnover in child welfare, researchers have attempted to identify factors that lead to undesirable turnover. While this has been studied extensively, little attention has been paid to turnover based upon job roles. Like social workers in child welfare, the field of child care also experiences high turnover. Child care workers employed in child welfare settings are no exception. The current study seeks to understand differential factors that impact intent to leave for preventive and child care workers employed in child welfare agencies.

Materials and methods

Data for prevention workers (n = 538) were obtained from all preventive service programs under contract with the City. Data for child care workers (n = 222) were obtained from three voluntary agencies located elsewhere in the State. The instrument was a modified version of a survey developed to examine job satisfaction and potential turnover among public child welfare workers. Domains measured included job satisfaction, intention to leave, career commitment, and agency investment. Data were analyzed using bivariate analysis and Structural Equation Modeling (SEM).

Results

Child care workers had more positive perceptions of child welfare and planned to stay in child welfare longer. Despite this, prevention workers felt more invested in their work. Child care and prevention workers had different levels of satisfaction with their jobs although overall job satisfaction did not differ nor did their intention to leave. Tenure at the agency was predictive of career investment. Investment, perceptions of child welfare, satisfaction with nature of work, and contingent rewards were associated with career commitment. Commitment and satisfaction with supervision were the greatest predictors of intention to leave.

Discussion

There is a gap in literature addressing child care workers in child welfare, and future study of this group is needed. Child care workers are just as likely to intend to leave their jobs as prevention workers. For both groups, it appears that investment in their jobs increases commitment to the field which reduces intention to leave.     

Ergonomics of bridge employment

In many countries of the world, retirement is mandatory at the age at which persons who hold certain jobs or offices are required by employment law to leave their employment, or retire (60 to 65 years). Typically, this is justified by the argument that certain occupations are either too dangerous or require high levels of physical skills and mental work. Every worker has to leave the workforce at that age. However, starting from the last two decades of the last century, it is observed that retirees live more years in retirement than ever before. This relatively long retirement as well as retirees' body fitness made many of them engage in new jobs which are either similar to their career jobs, or completely different from them. In this new type of employment which is called "bridge employment', the retired worker may spend more than ten years. But, to what extent these new jobs are fitted to the aged worker? Considering that experiencing any type of event increases the risk of worse health outcomes over time, bridge employment should be ergonomically designed if it is to fit the aged worker characteristics (physical, mental and affective).     

Counseling for Continued Career Development After Retirement: An Application of the Theory of Work Adjustment

The theory of work adjustment (TWA; R. V. Dawis & L. H. Lofquist, 1984; L. H. Lofquist & R. V. Dawis, 1969, 1991) is useful in addressing the career counseling needs of retirees who want to continue working but who need to explore their career choices before settling on a new occupation or job. This article examines some of the challenges that midlife and older adults face as they plan postretirement careers. Information about TWA and a case example are provided to assist counselors in understanding how TWA can be applied to retirement career counseling.     

Disability and employee benefits receipt: evidence from the U.S. Vocational Rehabilitation Services Program

Studies indicate positive effects of the U.S. Vocational Rehabilitation Services (VRS) in assisting people with disabilities to find independent employment. Underemployment continues to impact access to adequate health care and other benefits. Workers with disabilities receive fewer benefits, overall. With data from the Longitudinal Study of Vocational Rehabilitation Services Program (LSVRSP), the authors compare the rates of receipt of 6 types of benefits for people with physical, mental, and sensory impairments. Although those with physical disabilities are most likely to receive benefits, all groups lack adequate access to health care, sick leave, and vacation. The authors discuss implications for services provision in the current job market.     

Predicting End‐of‐Career Transitions for Baby Boomers Nearing Retirement Age

Retirement has traditionally been conceptualized as a point‐in‐time decision to physically and psychologically withdraw from the workforce on reaching a certain age. However, the expectations of older workers demonstrate a new retirement paradigm, with many more retirement trajectories. The purpose of this study was to examine actual career decisions being made by older workers and to understand sociodemographic factors that might differentiate their career trajectories. Data from the Health and Retirement Study (Juster & Suzman, 1995 ) were analyzed using multinomial logistic regression to compare 4 retirement trajectories (i.e., no retirement, full retirement, bridge employment, and encore career). Gender, age, education, marital status, health, and wealth differentially predicted the odds of pursuing each of the 4 retirement decisions. Career practitioners may use these results to help baby boomers make retirement decisions and provide them with appropriate education, guidance, and resources. Additional research is needed to examine other factors salient to each of the retirement trajectories.     

THE EFFECT OF INCENTIVE‐INDUCED RETIREMENT ON SPOUSAL RETIREMENT RATES: EVIDENCE FROM A NATURAL EXPERIMENT

We identify, quantify, and explain the impact of incentive‐induced early retirement (ER) of husbands on their wives' probability to retire within 1 year, using administrative data from the Netherlands. Our identification strategy is based on a policy intervention by which targeted individuals working at the central government level became unexpectedly and temporarily eligible for very generous ER benefits. This retirement window of opportunity implied for interested workers that transitions from the current job into full retirement had to be effected swiftly and irreversibly. We find that induced ER of husbands increased their wives' probability to retire by 10 percentage points. This is a strong and robust local average treatment effect. Partly, the effect runs through wives at ages when they may have been eligible for ER programs themselves. (JEL C26, J26, J120, J140)     

Social security reform ideas in Japan

Japan has a complex social security system. This article discusses the demographic and economic situation in Japan as background for understanding the setting in which the social security system functions. Japan has a three-pillar system for retirement income. The first pillar is the social security pension plan; the second pillar is the voluntary occupational pension plan; and the third pillar is personal savings, including the personal pension plan. The most important part of the retirement income system is the social security pension plan, which paid benefits accounting for 64% of the total income of elderly households in 1998. The five Employees' Pension Plans are established on a compulsory social insurance basis. Most large Japanese employers have a mandatory retirement age. Over 90% of all employees, including public sector ones, must retire from their career jobs at age 60.     

Social Security Reform Ideas in Japan

Abstract

Japan has a complex social security system. This article discusses the demographic and economic situation in Japan as background for understanding the setting in which the social security system functions. Japan has a three-pillar system for retirement income. The first pillar is the social security pension plan; the second pillar is the voluntary occupational pension plan; and the third pillar is personal savings, including the personal pension plan. The most important part of the retirement income system is the social security pension plan, which paid benefits accounting for 64% of the total income of elderly households in 1998. The five Employees' Pension Plans are established on a compulsory social insurance basis. Most large Japanese employers have a mandatory retirement age. Over 90% of all employees, including public sector ones, must retire from their career jobs at age 60.     

School‐to‐Work Transition of Career and Technical Education Graduates

This study analyzed the career development of career and technical education (CTE) high school graduates during their school‐to‐work transition, specifically their adaptability in the face of barriers. Forty graduates (22 men, 18 women) from working‐class backgrounds participated in baseline surveys at graduation and phenomenological interviews 1 year postgraduation. Primary themes were job loss altered career plans, whereas relevant jobs propelled career development; limited access to college constrained options, whereas college experience expanded options; graduates experienced the loss of education‐related support, and CTE served as a backup plan. Teachers and school counselors emphasized organizational barriers including limited staffing for upper level math courses and inconsistent workplace partnerships.     

Leaving Science: Gender Differences in Career Continuity Following a Job Loss

This study investigates gender differences in the postdisplacement experience of nonacademic science and engineering (S&E) workers. Using a pooled sample created from the Displaced Worker Surveys conducted between 1994 and 2008, it finds that (1) this S&E work force is particularly vulnerable to job loss and potential career disruption; (2) displaced female S&E workers are more likely than comparable male workers to exit the work force, a gender difference that is conditional on and explained by marital and parental status; and (3) reemployed female S&E workers are also more likely to leave science for non‐S&E occupations, but this gender difference is limited to unmarried workers. A concluding section discusses the implications of these findings for interpreting gender differences in career outcomes.     

Individual and institutional push and pull factors as predictors of retirement timing in Europe: A multilevel analysis

The number of retired people in Europe has increased significantly in recent decades. It remains unclear, however, whether individuals are more likely to be pulled toward retirement by their expectations about life after retirement than they are to be pushed out of the labour market due to poor health or dislike of one's job. The fact that retirement timing differs rather considerably between European countries suggests that not only micro, but also macro push (i.e. labour market constraints) and pull (i.e. economic incentives) factors influence retirement decisions. This duality heightens the need to determine the influence of micro-level and macro-level push and pull indicators on the retirement timing of older workers (50 +) in Europe. Results are obtained performing multilevel event history analysis using longitudinal micro data from the first (2004/05) and second (2006/07) waves of the Survey of Health, Ageing and Retirement in Europe and macro data derived from the Organisation for Economic Cooperation and Development (OECD) and Eurostat. The results indicate that at the individual level, older workers are pushed out due to health problems as well as being attracted towards retirement to spend time with their grandchildren. At the institutional level, financial incentives such as a high implicit tax on continued work and high expenditures on early exit schemes make retirement attractive, whereas the institutional push context is of lesser importance.     

Can 401(k) accumulations generate significant income for future retirees?

This Issue Brief develops a model that project the proportion of an individual's preretirement income that might be replaced by 401(k) plan accumulations at retirement, under several different projected scenarios. The 401(k) participant behaviors in the model are based on the year-end 2000 database collected by the Employee Benefit Research Institute (EBRI) and the Investment Company Institute (ICI) in their collaborative effort known as the EBRI/ICI Participant-Directed Retirement Plan Data Collection Project. The most significant factor affecting projected replacement rates at retirement is having access to a 401(k) plan. Projected replacement rates from 401(k) accumulations at retirement are reduced significantly when participants are not offered a 401(k) plan in all portions of their careers. Most 401(k) participants tend to have contributions in any given year. Thus, projecting that participants always have contributions (their own and/or employer contributions) every year raises projected replacement rates, but not by much compared with the importance of being offered a plan to begin with. The model simulations show that participant activities such as taking loans, taking preretirement withdrawals, or cashing out account balances at job change reduce projected 401(k) accumulations and thus replacement rates at age 65. Because loans are forecast to be paid back to the account in full, their effect on replacement rates at retirement in the model is the smallest. Even if equity returns in the future are projected to replicate the worst 50-year segment in the Standard & Poor's (S&P) 500 history (1929 to 1978), 401(k) accumulations are still projected to replace significant proportions of projected preretirement income. Another projection scenario forecasts participants experiencing a simulated three-year bear market (negative equity returns) either early in their careers, near the middle of their careers, or at the end of their careers. Forecasts of the effects of bear markets on 401(k) balances show that a bear market in equities is projected to have the largest effect the closer it occurs to age 65 (retirement), even though older participants typically have diversified their portfolios away from equities. A three-year bear market for those early in their careers would reduce median replacement rates from 401(k) accumulations by an estimated 2.9-3.7 percentage points, compared with 13.4-17.7 percentage points for those immediately before retirement. Similarly, a simulated three-year bull market (positive equity returns) is projected to have a larger positive effect on projected account balances and replacement rates the closer it occurs to retirement.     

The 2012 Retirement Confidence Survey: job insecurity, debt weigh on retirement confidence, savings

Americans' confidence in their ability to retire comfortably is stagnant at historically low levels. Just 14 percent are very confident they will have enough money to live comfortably in retirement (statistically equivalent to the low of 13 percent measured in 2011 and 2009). Employment insecurity looms large: Forty-two percent identify job uncertainty as the most pressing financial issue facing most Americans today. Worker confidence about having enough money to pay for medical expenses and long-term care expenses in retirement remains well below their confidence levels for paying basic expenses. Many workers report they have virtually no savings and investments. In total, 60 percent of workers report that the total value of their household's savings and investments, excluding the value of their primary home and any defined benefit plans, is less than $25,000. Twenty-five percent of workers in the 2012 Retirement Confidence Survey say the age at which they expect to retire has changed in the past year. In 1991, 11 percent of workers said they expected to retire after age 65, and by 2012 that has grown to 37 percent. Regardless of those retirement age expectations, and consistent with prior RCS findings, half of current retirees surveyed say they left the work force unexpectedly due to health problems, disability, or changes at their employer, such as downsizing or closure. Those already in retirement tend to express higher levels of confidence than current workers about several key financial aspects of retirement. Retirees report they are significantly more reliant on Social Security as a major source of their retirement income than current workers expect to be. Although 56 percent of workers expect to receive benefits from a defined benefit plan in retirement, only 33 percent report that they and/or their spouse currently have such a benefit with a current or previous employer. More than half of workers (56 percent) report they and/or their spouse have not tried to calculate how much money they will need to have saved by the time they retire so that they can live comfortably in retirement. Only a minority of workers and retirees feel very comfortable using online technologies to perform various tasks related to financial management. Relatively few use mobile devices such as a smart phone or tablet to manage their finances, and just 10 percent say they are comfortable obtaining advice from financial professionals online.     

WORKING TO EXIT POVERTY WHILE CARING FOR CHILDREN'S HEALTH AND DEVELOPMENT IN VIETNAM

Since the implementation of economic reforms in 1986, levels of urbanization, industrialization, and women's labour force participation have increased in Vietnam. This article focuses on the experiences of parents in Vietnam and how labour and social conditions affect their ability to work and exit poverty while caring for their children's health and development. We interviewed a sample of 147 parents in Ho Chi Minh City using in-depth, semi-structured questionnaires. Sixty-three percent of parents had faced loss of income or promotions or had difficulty retaining jobs because they had to care for children. Fifty-eight percent of parents lost income while caring for their sick children because they had to take unpaid leave from work to care for their children or because they had to decrease productivity if they were able to continue working. Fifty percent of parents with school-age children experienced barriers to helping with homework, to attending meetings, or to participating in other aspects of their children's education. The aftermath of the Vietnamese – American War affected parents through loss of extended family members, limiting access to a major traditional source of support. The war had affected other parents by preventing them from completing their education, which left them with job choices that offer little or no work benefits. Although Vietnam has made significant progress in providing early childhood care and education and legislating labour laws, working families’ experiences demonstrate the need to ensure that paid leave and work flexibility policies are available and implemented in all work sectors and to expand affordable, quality child care in order to help low-income working parents in Vietnam meet work demands and exit poverty while meeting their children's needs.     

Why Leave India for America? A Case Study Approach to Understanding Migrant Behaviour*

Money is only one of many factors which motivate Indians to leave India to come to the US. Considerations vary according to the particular stage one is in concerning family development. These decision points occur when one has to decide whether to leave or stay; the factors to consider differ at each point. Decision points generally come when consideration has to be made as to: 1) where one will obtain a university education, 2) where to obtain on-the-job training, 3) where children should be raised, 4) where the best career opportunities are, and 5) where retirement should be spent. The decision is often made on perceptions and stereotypes rather than accurate information. In India, unlike the US, the unit of consideration is the family. The concern is how the family will be affected. Emigration becomes a goal, for the belief develops that going abroad in and of itself is enhancement. In addition, the potential emigrant develops an unrealistic view of what life is like abroad and what to expect.     

Self-Defined Retirement Status and Engagement in Paid Work among Older Working-Age Women: Comparison between Childless Women and Mothers

Utilizing data from the 1992–1994 Health and Retirement Study (HRS), this paper examines the question of whether three groups of older working-age women—childless women, mothers with at least one child at home or temporarily away at school, and mothers with all their children living away from home—were different or similar in their likelihood of retirement and their actual work status. The results show that the childless group and the child-not-at-home group were more likely than the child-at-home group to define themselves as retired, although the three groups were equally likely to engage in paid work activities. Both early childbearing history and ongoing parental financial obligations appear to influence women's willingness to assume a retiree versus a nonretiree status. The findings may reflect an emerging trend of retirement being a status symbol rather than a marker of complete cessation from the world of work.     

Exploring Women's Retirement: Continuity,Context and Career Transition

This paper reports on an exploratory study examining women's views about and experiences of retirement. It has long been recognized that women's careers often follow a different path than men's due to the differential impact of family and domestic responsibilities and their relative underrepresentation at higher levels of organizations. However, many studies of retirement have implicitly assumed a conventional male career as the norm, where retirement is seen as marking a neat ending to continuous employment. This paper aims to present a richer understanding of women's retirement, utilizing contextual national data and qualitative analysis. The paper begins with a brief summary of literature looking at women's career development. We then explore the concept of retirement and consider current literature with regard to women's retirement. Following a brief discussion of our research approach, we provide some national context using quantitative data. We then discuss the qualitative findings, examining the areas of continuity and change that women experienced in retirement and exploring the factors that they felt enabled and constrained them.     

Organizational values,job experiences and satisfactions among female and male psychologists1

This study examined the relationship of managerial and professional women's and men's perceptions of organizational values supportive of work–personal life integration and their job experiences, work and non-work satisfactions and psychological well-being. Data were collected from 324 women and 128 men psychologists in Australia using anonymous questionnaires. Both women and men reported benefits from such values. Women psychologists reporting organizational values more supportive of work–personal life integration also reported working fewer hours and extra-hours worked per week, greater job and career satisfaction, more optimistic career prospects, less time to job and less work stress, greater friends satisfaction, and more positive emotional and physical well-being. Men psychologists reporting organizational values more supportive of work–personal life integration also reported less job stress, greater joy in work, lower intentions to quit, greater job and career satisfaction, more optimistic career prospects, fewer psychosomatic symptoms and more positive emotional and physical well-being. Multiple regression analyses indicated more independent and significant correlates of organizational values supporting work–personal life integration among women than among men. Possible explanations for why women might benefit more from such organizational values are offered.