August 7, 2012, 810 PM GMT+10 It’s time to see older work.docx

August 7, 2012, 8:10 PM GMT+10
It’s time to see older workers as an asset
Why not keep older workers on the job?
Chris Farrell
https://www.bloomberg.com/news/articles/2012-08-07/its-time-
to-see-older-workers-as-an-
asset
The footprints of an aging America are everywhere. Every day
it seems another blue chip
report is issued worrying about the surging ranks of the elderly.
All boomers will be 65 and
older by 2030. (The Rolling Stones’ memorable line “What a
drag it is getting old” hurts,
doesn’t it?) Put somewhat differently, 19.3 percent of the
population will be at least 65 in
2030, up from 13 percent in 2010, according to U.S. Census
Bureau projections. The litany of
fears that goes along with an aging population ranges from a
rising tide of entitlement

spending starving the public purse of money for productive
investments, to Corporate
America’s innovative energies being depleted along with
graying hair and aching joints of an
older workforce.
Demographics, however, aren’t destiny. Instead, an aging
America is an underappreciated
and unexploited economic resource in a highly competitive
global economy. Take Europe vs.
the U.S. In many parts of Europe there isn’t the kind of part-
time, flexible work that’s
available in the U.S., where federal laws have outlawed
employment discrimination against
age since the 1960s. Most European countries have only
recently instituted such legislation.
And Europe is still struggling to convince workers to stay on
the job longer. The U.S. labor
force participation rate of older male workers began climbing
by the end of the 20th century.
Older women are remaining employed longer, too. “Yes,
America has an aging population,”
says Nicole Maestas, economist at the Rand Corp., the Santa
Monica (Calif.)-based think
tank. “The upside of that is a whole generation of people who

are interested in anything but
retirement.”
The shift in sentiment is propitious, since the impact of working
longer trumps demographic
gloom. The economic dependency ratio—the number of
nonworkers 16 and older compared
with the number of workers 16 and older—was 50 to 100 in
1990. The Bureau of Labor
Statistics predicts the ratio will leap to 62 adult nonworkers per
100 workers in 2030, with
most of the increase coming after 2010. Government
statisticians assume in their forecast that
labor force participation rates will increase though 2020 and
then level off. But if this rate
doesn’t decelerate, the economic dependency ratio in 2030
would be 53, a negligible
difference over 4 decades. In other words, the concern isn’t
aging: It’s working.
Of course, it’s difficult to be optimistic about jobs with the
unemployment rate at 8.3 percent
38 months after the National Bureau of Economic Research
officially declared the Great
Recession over. Nevertheless, the business cycle will eventually
gather momentum. Plenty of

jobs will be created from now until 2030, and the odds are good
that many of the positions
will be taken by older Americans. The trend toward staying in
the labor force later in life took
hold about two decades ago, and the transition toward
retirement is increasingly complex as
to-see-older-workers-as-an-asset
to-see-older-workers-as-an-asset
people forge different work paths in their older years, including
downshifting to part-time
work. Rand economist Maestas has found that 26 percent of
retirees reversed their decision
and returned to work, either full time or part time.
The “work longer” mindset reflects a number of fundamental
factors that aren’t about to
dissipate. Perhaps most important are the high education levels
achieved by boomers, the
shift toward more intellectually creative and less physically
demanding work in many sectors
of the economy, and the huge wave of women entering the
workforce. The rewards to earning

a paycheck longer rose starting in the early 1980s, when the
gains of waiting to file for Social
Security benefits increased from 3 percent annually to 8 percent
(stopping at age 70), along
with the decline of the defined benefit pension plan (in the
private sector, at least). Money
plays a role, too, with two bear markets and two recessions in
less than a decade savaging
savings. The median 401(k) and IRA balance for households
approaching retirement is
$120,000, roughly the same number as in 2007, according to the
Federal Reserve’s recently
released 2010 Survey of Consumer Finances.
An aging population may be inevitable. A decline in worker
productivity with an aging labor
force isn’t. That’s a lesson from an intriguing experiment by
BMW at its plant in Dingolfing,
Germany. Management expected the average age of workers to
increase from 39 years in
2007 to 47 years in 2017. To better understand the productivity
implications, the luxury
automaker modified an assembly line and staffed it with a mix
of workers typical for 2017.
The “pensioner’s assembly lines” productivity gained after

BMW introduced 70 small—
mostly ergonomic—changes, such as adding barbershop chairs
so workers can perform tasks
sitting down or standing up and orthopedic shoes for comfort.
The total investment: $50,000.
“But the 70 changes increased productivity by 7 percent in one
year, bringing the line on a
par with lines in which workers were, on average, younger,”
according to a 2010 Harvard
Business Review article, “How BMW Is Defusing the
Demographic Time Bomb.” The article
added: “Current performance stands at zero defects.”
Productivity matters more than demographics. For example, a
half-century ago there were
about five workers for every retiree, a figure that has shrunk to
less than 3 to 1. Yet over the
same time period, American living standards have risen smartly,
thanks largely to
productivity growth. If productivity continues to run at its
current nearly 2.5 percent annual
rate, the average worker will produce more than twice as much
in an hour of work 30 years
from now compared with today, points out Dean Baker, co-
director of the Center for

Economic and Policy Research in Washington.
Taken altogether, an aging workforce is a competitive
advantage. Instead of bemoaning
America’s older population, policymakers and corporate
chieftains should concentrate on
keeping them productively on the job longer. In international
comparisons, the U.S. has long
garnered admiration for its productive workforce, innovative
companies, superb universities,
and dynamic labor market. It’s time to add older workers to that
list.
running head:
summary 1
summary 6 summary students name: institution: instructor:
institutionalized organization:
formal structure as myths and ceremony summary formal
structure of most institutionalized organizationsarise as myths
and as reflections of rationalized rules of specific institutions.
elaboration of these rules in modern states and societies are
accountable for the expansion and increment of complexity of
the structures of formal organizations. the rules of different
institutions normally function as mythsincorporated
by organizations for the purpose of gaining legitimacy resources
stability as well as enhancement of survival prospects.
organizations whose structures are isomorphic with myths of

institutional environment in contrast to those primarily
structures by the demand of technical production andexchange
decrease internal coordination and control for the purpose of
maintaining legitimacy. structures may be decoupled from each
other and ongoing activities. instead of coordination inspection
and evaluation a logic ofgood faith and confidence
is normally employed. this summary is a clear analysis of three
aspects that is the prevailing theories of origin of formal
structures and problems these theories
confront alternative sources of formal structures
and arguments that reflect the
institutionalized environment maintaining gaps to their formal
structures and their ongoing activities. in the formal structure
of many organizations in postindustrial society it involves
thereflection of myths in the institutional environment rather
than the demands oftheir work activities. the prevailing theories
of formal structure involves thedistinction of formal
structure involves distinction of formal structures of an
organization and its routine activities. formal structure can be
said to be theblueprint of activities which include table of
organization that is listing of office positions
departments and program activities linked with goals
and policies comprise the rational theory of how and to what
end the activities can be fixed together. importance
of modern bureaucratic organization
is rationalization and impersonal character of the elements of
the structure and goals linked tothem. the core
problem of these theories is description of conditions giving
rise to the rationalized formal structure. theory works on
assumption thatrationale formal structures is assumed to be
most effective way of coordinating and controlling aspects in
work activities. some issues confronted by these theories are:
expansion on markets size
division of labor and technology. theweakness of the theory is
assumption coordination and control of activities arecrucial for
dimension that formal organization have succeeded in modern

world. based on assumption that organizations follow the blue
print thoughmay be violated and adjusted accordingly in
different scenarios. this thus calls for the explanation for the
need of the rise in particular formal structure
forcoordinating and controlling their work which account for
elaboration ofpositions policies and procedural rules a
characterization of formal organization. changes are due to
legitimacy of organization public view andopinions prestige and
the understanding of social reality. additionally thealternative
sources of formal structures can be
alluded to four aspects namely societal
modernization the complexity of networking of social organizati
on andexchange the prevalence of rationalized
institutional elements and thepresence and elaboration of formal
organizational structures. the reason for
therationalization of bureaucracies are assertion of prevailing
theories and modern societies filled with institutional
rules functioning as myths depicting different formal structures
as rational means for the attainments of desired
goals. theorigin of rational institution myths is
associated to three aspects the elaboration of rational complex
relational networks the degree of collective organization of the
environment and leadership efforts of
the local organization. consequently the impact of
isomorphism had crucial consequence for organizations in two
distinct ways they incorporated the elements of legitimated
externally rather than in terms of efficiency secondly they
employ external assessment criteria for the definition of value
of structural elements and thirdly the dependence on externally
fixed institutions for
reduction of turbulences and maintenance of stability. as a
result institutional isomorphism promotes success and survival
of organization incorporation ofexternal legitimate formal
structure help in increment of commitment and external
assessment criteria enable organization to remain successful
through social definition hindering the organization

from failure. rationalized formal structure arise as
a result of demand of local relational network
encouraging development of structures
for coordinating and controlling the activities andinterconnectio
n of social relations collective organization of society
andleadership of organizational elites for the creation of higher
context of institutionalization. nevertheless the survival of
organization depends on management demand of internal and
boundary-spanning relations. different ways have been
suggested for resolution of inconsistencies in organizations. the
two main ones are decoupling and the logic
of confidence. the partial solution to resolving inconsistencies
include the organization can neglect ceremonial requirements
organization can maintain rigid conform to
institutionalized prescriptions by limiting external relations
organization acknowledgement of its structural inconsistencies
with the requirements ofwork and the organization can
promise to reform. the survival of an organization depends on o
ne core aspects inclusive of elaboration of rationalized
institutional myths
organizational efficiency organizationalconformity with
institutional myths and legitimacy and resources. the survival
of some organizations depend on management of demands of
internalbasically dictated by ceremonial demand of
institutional environment. core causes of inconsistencies in
organization can be technical activities anddemand
for efficiency for creation of conflicts and inconsistencies in
efforts of the organization to conform to the ceremonial rules of
production. inconclusion isomorphism with an
elaborated institutional environment has threecore effects
namely the decoupling of structural subunits from each other
and from activity rituals of confidence and good faith and the
avoidance ofinspection and effective evaluation
inspection. organizational structures are created and made more
elaborate with the rise of institutionalized myths and
in highly institutionalized contexts organizations actions should

support these myths.
reference
meyer j. w. rowan
b. 1977 institutionalized organizations: formal structure as myth
and ceremony. american journal of sociology 83 2 340-363.
doi:10.1086/226550
Open Journal of Social Sciences, 2017, 5, 56-70
http://www.scirp.org/journal/jss
ISSN Online: 2327-5960
ISSN Print: 2327-5952
DOI: 10.4236/jss.2017.57005 July 12, 2017
Increasing the Pensionable Age: What Changes
Are OECD Countries Making? What
Considerations Are Driving Policy?
Hila Axelrad1, Kevin J. Mahoney2
1Center on Aging & Work, Boston College, Chestnut Hill, MA,
USA
2School of Social Work, Boston College, Chestnut Hill, MA,
USA
Abstract
The average age of retirement used to be low in most countries
due to nu-
merous policies introduced 30 to 40 years ago which
encouraged lower re-

tirement ages. However, in response to the growth of the older
segment of the
population, increased life expectancy, the need for skilled
workers, and the
precarious financial state of public pension systems, pension
reforms have
been implemented in the U.S. and Europe, and are now geared
towards im-
proving employment rates for older workers, increasing
retirement ages and
pension eligibility. This paper surveys recent changes in
retirement age and
maps the changes that have occurred in the last decades using
data from 34
OECD (The Organization for Economic Co-operation and
Development)
countries. This paper then reviews the arguments for and
against these
changes, the criteria for setting a certain retirement age, and the
differences in
statutory retirement age by gender, occupation, employment
status, and other
factors unique to particular countries. The purpose of this paper
is to analyze
current trends in terms of raising the pensionable age.
Keywords
Retirement, Retirement Age, International Comparison, Policy,
Early Retirement
1. Introduction
In the last decade, the trend of decreasing retirement age and
early exit from the

labor market [1] [2] has begun to change [3] [4]. In response to
the growth of
the older segment of the population and the unstable financial
state of many of
the public pension systems [5] [6] [7], the costs of early
retirement have come
under increased scrutiny. Such costs have led to a string of
pension reforms in
How to cite this paper: Axelrad, H. and
Mahoney, K.J. (2017) Increasing the Pen-
sionable Age: What Changes Are OECD
Countries Making? What Considerations
Are Driving Policy? Open Journal of Social
Sciences, 5, 56-70.
https://doi.org/10.4236/jss.2017.57005
Received: May 13, 2017
Accepted: July 9, 2017
Published: July 12, 2017
Copyright © 2017 by authors and
Scientific Research Publishing Inc.
This work is licensed under the Creative
Commons Attribution International
License (CC BY 4.0).
http://creativecommons.org/licenses/by/4.0/
Open Access
http://www.scirp.org/journal/jss
https://doi.org/10.4236/jss.2017.57005
http://www.scirp.org
https://doi.org/10.4236/jss.2017.57005
http://creativecommons.org/licenses/by/4.0/

H. Axelrad, K. J. Mahoney
57
Europe since the 1990s, cutting back on pay-as-you-go pension
benefits and in-
troducing multi-pillar pension systems with supplemental
occupational and in-
dividual pensions in addition to the traditional unfunded
retirement insurance
[8] [9]. Public policy is now geared toward improving
employment rates for
older workers [3] [4] and extending working years. According
to the Organiza-
tion for Economic Co-operation and Development (OECD), by
2050, the aver-
age pensionable age in OECD countries will reach nearly 65 for
both sexes: an
increase of nearly 2.5 years for men and 4 years for women
compared to 2010.
For example, Australia, Denmark, France, and Germany
implemented measures
to increase their normal retirement age from sixty-five to sixty-
seven (Table 1)
[10]. However, life expectancy is projected to grow at a faster
rate than these in-
creases in pension age [11]. In general we can say that social
security systems in
different countries were designed and influenced by each
country’s prevailing
culture, social priorities and economic capacity at the time [12]
[13]. It is crucial
to understand differences between country’s retirement ages as
well as which

cohort(s) will pay for future pensions.
The two major benefits of raising the retirement age are
reducing the long
term deficit in the social security pension funds and promoting
general eco-
nomic gains [6]. But doing so can also increase the burden on
public programs
that provide a safety net for those who cannot, or prefer not to,
keep working. In
Austria, and Australia, for example, pension reforms increased
the age of eligi-
bility, reduced early retirement, but also increased disability
insurance claims
and enrollment in other social insurance programs [14] [15].
The motivations driving all these various governments are
similar; people are
living longer and therefore, are drawing retirement benefits for
longer periods.
Extended payouts have placed significant strain on pension
programs, and as a
result, benefit cuts and higher ages of eligibility for retirement
benefits are be-
coming the norm. Absent tax increases or benefit cuts, these
types of changes
may be necessary. Without addressing this issue, governments
will not be able to
pay for more people needing retirement funds for longer periods
of time.
This paper documents the changes that have occurred in the last
decade using
data from the 34 OECD countries: Australia, Austria, Belgium,
Canada, Chile,
Czech Republic, Denmark, Estonia, Finland, France, Germany,

Greece, Hun-
gary, Iceland, Ireland, Israel, Italy, Japan, South Korea,
Luxembourg, Mexico,
Netherlands, New Zealand, Norway, Poland, Portugal, Slovakia,
Slovenia, Spain,
Sweden, Switzerland, Turkey, UK and U.S. (Table 1). This
manuscript provides
a review of the changes in retirement age in those countries, the
arguments for
and against these changes, the criteria for setting a certain
retirement age, and
the differences in the statutory retirement age between males
and females. The
contribution of this paper is bringing together the current
changes in the retire-
ment ages and analyzing the reasons behind these increases.
As reflected in Table 1, and according to the OECD and the
International So-
cial Security Administration, 19 countries have increased
retirement age, among
them 7 of the countries (Australia, Belgium, Greece, Estonia,
Slovenia, Switzer-
58
Table 1. Changes in retirement age through time.
2002 2004 2006 2008 2010 2012 2014 2016

Australia Male 65 65 65 65 65 65 65 65
Female 62.5 62.5 63 63 64 64.5 65 65
Austria Male 65 65 65 65 65 65 65 65
Female 60 60 60 60 60 60 60 60
Belgium Male 65 65 65 65 65 65 65 65
Female 62 63 64 64 65 65 65 65
Canada Male 65 65 65 65 65 65 65 65
Female 65 65 65 65 65 65 65 65
Chile Male 65 65 65 65 65 65 65 65
Female 60 60 60 60 60 60 60 60
Czech Republic
Male 61.2 61.5 61.5 61.8 62.2 62.5 62.7 63
Female 55.3/9.3 56 - 60 55.7 56.33 60.67 61.33 61.3 62.3
Denmark Male 67 671 65 65 65 65 65 65
Female 67 671 65 65 65 65 65 65
Estonia Male 63 63 63 63 63 63 63 63

Female 58 59 59.5 60.5 61 61 61 63
Finland Male 65 65 65 65 65 65 65 65
Female 65 65 65 65 65 65 65 65
France Male 60 60 60 60 60 60 61.1 61.6
Female 60 60 60 60 60 60 61.1 61.6
Germany Male 65 65 65 65 65 65.1 65.3 65.4
Female 65 65 65 65 65 65.1 65.3 65.4
Greece Male 65 65 65 65 65 65 67 67
Female 60 60 60 60 60 62 62 62
Hungary Male 62 62 62 62 62 62.5 62.5 63.5
Female 55 - 62 59 60 61 62
other criteria other criteria
Iceland Male 67 67 67 67 67 67 67 67
Female 67 67 67 67 67 67 67 67

Ireland Male 66 66 65 65 65 65 - 66 66 66
Female 66 66 65 65 65 65 - 66 66 66
Israel Male 65 65 66 66.7 67 67 67 67
Female 60 60 61 61.7 62 62 62 62
Italy Male 65 65 65 65 65 66 66.3 66.6
Female 60 60 60 60 60 66 66.3 66.66
Japan Male 65 65 65 65 65 65 65 65
Female 65 65 65 65 65 65 65 65
South Korea Male
60 60 61 61
59
Continued

Female
60 60 61 61
Luxembourg Male 65 65 65 65 65 65 65 65
Female 65 65 65 65 65 65 65 65
Mexico Male 65 65 65 65 65 65 65 65
Female 65 65 65 65 65 65 65 65
Netherlands Male 65 65 65 65 65 65 65.2 65.5
Female 65 65 65 65 65 65 65.2 65.5
N. Zealand Male 65 65 65 65 65 65 65 65
Female 65 65 65 65 65 65 65 65
Norway Male 67 67 67 67 67 67 67 67
Female 67 67 67 67 67 67 67 67
Poland Male 65 65 65 65 65 65 65 65
Female 60 60 60 60 60 60 60 60
Portugal Male 65 65 65 65 65 65 66 66.2

Female 65 65 65 65 65 65 66 66.2
Slovakia Male 60 62 62 62 62 62 62 62
Female 53 - 572 62 55.3 56.8 623 j623 623 62
Slovenia Male 58 - 654 58 - 654 58 - 654 62.5 58 - 654 58 - 654
65 65
Female 54 - 574 54.7 - 624 55.3 - 62.34 56 56.7 - 634 57.3 -
634 65 65
Spain Male 65 65 65 65 65 65 65.2 65.3
Female 65 65 65 65 65 65 65.2 65.3
Sweden Male 65 65 65 65 65 65 65 65
Female 65 65 65 65 65 65 65 65
Switzerland Male 65 65 65 65 65 65 65 65
Female 63 63 64 64 64 64 64 64
Turkey Male
60 60 60

Female
58 58 58
UK Male 65 65 65 65 65 65 65 65
Female 60 60 60 60 60 61 62 63
U.S. Male 65 65 65 65 66 66 66 66
Female 65 65 65 65 66 66 66 66
The gray shading indicates an increase in Pensionable Age. (1)
65 from July 2004. (2) According to the number of children
raised. (3) The retirement age for
certain women is rising gradually to age 62 by 2015. (4)
According to the years of contribution. (5) 67, changed to 65
from July04. (6) Lower age (65 and
seven months) for women in the private sector. Source:
Processed by the authors by using data from Social Security
U.S.A (International Social Security
Association) [57].
land, UK) increased retirement age only for women. 20
countries are planning to
increase retirement age in the next coming years, when the
planned increase is
range between 2 years (for example in Canada and Denmark)
and 7 years (for
example the retirement age for women in Poland and Turkey).
14 of the OECD

countries have not increased retirement age.
60
2. How Was the Retirement Age Determined?
Otto von Bismarck, the Prussian chancellor who implemented
the world’s first
modern welfare state in the 1880, was the first major
government official to spell
out a new role for government in securing the welfare of wage
earners after their
careers in a highly organized, industrial society. This new
ideology spread
through Europe before World War I, and arrived in the U.S. in
1935 [16].
There was no scientific or gerontological basis for setting the
retirement age in
the past [6]. Factors such as cost, life expectancy, ability to
work and find em-
ployment were considered. Pension age was set at seventy when
Bismarck im-
plemented the pension insurance in 1989 [17], later on and until
1972, retire-
ment was mandatory at the age of 65 [18]. In the US the age of
sixty five was se-
lected, the reason for selecting the age of 65 was simply general
consensus [6] as
many other institutions like the union army veterans, post office
letter carriers

and clerks, Railroad etc. grant pensions had selected sixty-five
years of age [19].
Additionally, the US, as many other countries, experienced
declining labor force
participation rates of men older than sixty-four since the end of
the nineteenth
century [19]. The prevailing notion among different researchers
and policy
makers was that worker’s productivity declines significantly
after the age of 60 or
65 as physical ability, mental alertness, and cooperativeness
tend to fail [19] [20]
so the retirement age was set between these ranges, although
current studies
showed that older workers are not necessarily less productive
[21].
However, it should be remembered that full retirement is not
always based
solely on age. Qualifying to receive an old-age benefit is
usually conditional on
two requirements: attainment of a specified pensionable age and
completion of a
specified period of contributions or covered employment (for
example Greece,
Luxemburg, U.S.), since programs are financed entirely or
largely from con-
tributions (usually a percentage of earnings) made by
employers, workers, or
both. These contributions are compulsory in most instances for
defined catego-
ries of workers and their employers.
Some old-age pension systems account for periods during which
persons, for
reasons beyond their control, were not in covered employment

by awarding cre-
dits toward the required minimum contribution period. Credits
can be awarded
for reasons such as disability, involuntary unemployment,
military service, edu-
cation, child raising, or training. In the UK, for example,
contributions may be
credited for periods the insured cared for a child or an elderly
or disabled rela-
tive or if the insured received certain benefits. Other systems
disregard these pe-
riods and may proportionately reduce benefits for each year
below the required
minimum; for example, in Poland, non-contributory years
(meaning years spent
raising children or while receiving certain benefits) must not
exceed 33.3% of
contributory years. Persons with only a few years of coverage
may receive a re-
fund of contributions or a settlement in which a proportion of
the full benefit or
earnings is paid for each year of contribution.
In recent years, with the increase in the number of years until
retirement, sev-
eral countries have implemented changes in the required period
of contribution
61
(Czech Republic, Poland and Spain). For example in Spain, the

required period
of contribution is gradually rising from 35 years and 6 months
to 37 years by
2027. The changes in the required period of contribution may
also differ by
gender—in Czech Republic the coverage years are gradually
rising from 30 to 35
years for men, and at least 20 years of coverage for women
(with no expected
raise). In Poland men will need at least 25 years of coverage,
women will need at
least 21 years of coverage, and this is gradually rising to 25
years by 2022.
Another common requirement is total or substantial withdrawal
from the la-
bor force. Some countries require complete or substantial
retirement to become
eligible for a pension (for example, Luxembourg and Portugal).
Other countries
pay a retirement pension at a certain age regardless of whether
workers retire or
not (Canada, Finland, Hungary, Italy, Norway). Other countries
use a hybrid
system with a retirement test, under which the benefit may be
withheld or re-
duced for those who continue working, depending on the
amount of earnings or,
less often, the number of hours worked (Ireland and Spain). In
the U.S., for ex-
ample, Social Security beneficiaries age 62, age of earliest
eligibility, until the age
of eligibility for full benefits, have their benefits reduced if
their earnings are
above a certain threshold, but after the age of full retirement
benefits, there is no

penalty for continuing to work1. Universal systems usually do
not require re-
tirement from work for receipt of a pension. On the other hand,
provident
funds, which were created to provide financial security and
stability, pay the
benefit when the worker is temporarily or no longer fit to work
or at retirement.
3. The Criteria for Setting a Certain Retirement Age
The old-age benefit in most countries (for example Switzerland
and Turkey) is a
wage-related, periodic payment. However, some countries pay a
universal fixed
amount that bears no relationship to any prior earnings; others
supplement their
universal pension with an earnings-related pension. Provident
fund systems
make a lump-sum payment (Poland) usually a refund of
employer and employee
contributions plus accrued interest. In programs that have
individual accounts,
options for benefits include purchasing an annuity (Estonia)
making withdraw-
als from an account regulated to guarantee income for an
expected lifespan;
programmed withdrawals, or a combination of the two; and
deferred annuity
[22]. But age is not the only criteria for setting an official age
for receiving re-
tirement benefits: Public pension schemes sometimes
distinguish on the basis of
gender. Women often have earlier statutory retirement ages
[23], even though
they generally have a longer life expectancy [22]. Reduced

retirement age for
women can be seen in Israel [24] and Turkey, but no difference
in the retirement
age and conditions in countries like Belgium, Finland and the
Netherlands. In
other countries there are no differences between men and
women in retirement
age, but there are differences in terms and conditions—for
example, the required
years of coverage (as in Poland).
1Benefits that are reduced due to this “earnings test” are
credited to beneficiaries when they reach
the Full Retirement Age.
62
Among the rationales for reduced age of eligibility for
retirement benefits for
females is the fact that wives are typically a few years younger
than their hus-
bands. Because couples often prefer to retire at the same time
such policies
would make the wife’s benefits available at an earlier age [6].
Such policies also
assume that retirement benefits should be available at an earlier
age for working
women because they face age barriers in the labor market more
frequently and at

earlier ages then do working men [6]. In some countries, the
reason for reduced
retirement age is being a mother. The retirement age is reduced
according to the
number of children raised (Czech Republic, Turkey) or reduced
for mothers
who have children with disabilities (Turkey).
Although the norm has been for the differential to be about five
years, there is
now an emerging international trend toward equalizing the
statutory retirement
age [22] presumably due to women’s gains in equality rights.
Additionally, the
retirement age takes into account life expectancy, which is
higher for women
[25]. Thus, since men tend to work more years and their life
expectancy is
shorter than women’s, they receive a pension for fewer years
compared to
women [26].
In some instances, eligibility for pension benefits is determined
by resident
status or citizenship. The person must be a resident of the
country for a certain
number of years (for example, Australia, Denmark, Estonia, the
Netherlands and
Sweden). Universal old-age pension is an example for a system
that usually does
not require a minimum period of covered employment or
contributions, but do
require a minimum period of prior residence (Denmark,
Iceland).
Some countries, such as Germany and Spain, pay a full pension

before the
regular retirement age if the applicant experienced involuntary
unemployment
for a period near retirement age. In Portugal, there is reduced
retirement age for
unemployed persons who are no longer entitled to receive
unemployment bene-
fits. Also the type of employment can effect retirement age. In
Turkey, for exam-
ple, there are different conditions placed on the minimum
number of days of
paid contributions for civil servants and self-employed (9000
days of paid con-
tributions, instead of 7200 days).
Another criterion is disability when some countries pay a full
pension before
the regular retirement age if the applicant has an assessed
degree of disability
(Germany, U.S.).
Occupation is relevant in other countries that pay a full pension
before the
regular retirement age, if the worker works in an especially
arduous, strenuous
environment or an unhealthy or hazardous occupation [23]. For
example, the
qualifying conditions are reduced for persons, who have worked
in hazardous or
dangerous work (Hungary, Spain). Other occupations with
reduced ages of eli-
gibility include miners (Poland), some categories of seamen
(Iceland) and sea-
farers and civil aviation flight crews (Belgium).
4. Reasons for Increasing the Retirement Age

The main reason for increasing the retirement age is the
demographic changes
63
reflected in longer life expectancies [27] and therefore longer
periods drawing on
pensions. Other reasons that are often mentioned are the crisis
in public pension
programs, issues of supply and demand in the labor market,
savings and retire-
ment security of the older population, and the improved
education level which is
correlated with the ability to work longer.
4.1. The Demographic Challenge
Longer life expectancies [6] [28] are used as a justification for
increasing retire-
ment age as they are putting a burden on the financing system
because benefits
are being paid out for a longer period than in the past. In
addition, fewer work-
ers are dying before reaching retirement age; these workers had
been a “free
lunch” for the retirement system. Now fewer workers contribute
without receiv-
ing at least some benefits. Increasing the retirement age will
reduce the amount
of time in which benefits are paid out, and increase the

probability that a worker
will receive no benefit, thus easing the stress in the system [10].
Many countries are facing this challenge of a rapidly ageing
population. Life
expectancy increased continuously over the past few decades;
the period of time
that seniors live after reaching retirement age grew from 13.4
years for men in
1958 to 18.5 in 2010. The OECD analysis of United Nations
data projects life
expectancy to be 20.3 years in retirement, even after the higher
retirement ages
are phased in [29].
Life-expectancy adjustment of the pension benefits can be seen
as a substitute
for increases in the pension age, in that many people can
voluntarily work longer
as life expectancy increases to make up for the lower yearly
pension payments
[30]. In the US, the amendment increasing the Full Retirement
Age by two years
was adopted in 1983, though the change only took effect 2003,
and the full in-
crease to 67 will not be realized until 2027 [31]. Phasing in the
increased age of
retirement gave people time to plan ahead. Furthermore, the
change had no
immediate effect and did not affect current retirees; all of these
factors made it
more politically palatable [32].
4.2. Crisis in Public Pension Programs
Public pension programs in many OECD countries are in

financial trouble [6]
part of this is because when pension systems were first
implemented benefits
were paid to individuals who had not contributed over a
lifetime. But some of
the problem came because many countries chose not to pre-
fund. Pension re-
forms in some OECD countries [7] [33], link contributions of
individuals and
benefit rights accumulation.
As the ratio of workers to beneficiaries is projected to decline
increasing pen-
sionable age is a way to avoid heavier tax burden on the
younger generation [6].
Increasing the pensionable age might encourage people to stay
longer in the
workforce, and this will result in greater net inflows through
payroll taxes and
improving solvency [10] [28].
64
4.3. Greater Demand for Older Workers
Older workers are in greater demand because fertility was low
in subsequent
generations and the talents of older workers are needed [6] [28].
Additionally, a
decrease in physically demanding jobs and improved
educational levels [34] al-

lows many people to work longer [10] [22]. Health is better
among the elderly
than in previous generations, thereby allowing a longer work
life for many [10].
The long-predicted wave of baby boomer retirements has begun
to hit compa-
nies, leaving employers scrambling to find replacements for
their departing six-
ty-something workers [35].
The demand for skilled older workers will remain high given
that there are
fewer younger workers to replace them [10]. On the other hand,
many older in-
dividuals are underutilized relative to their potential
productivity, and a higher
pensionable age could contribute to a better and longer use of
the skills and abil-
ities of older workers [10] [36].The elderly stand to gain in
noneconomic ways
because employment may contribute to an older person’s mental
acuity and
provide a sense of usefulness and social connection [10].
Whereas there had been some resistance from employers,
Conen, Henkens
and Schippers (2014) [37] who analyzed case studies among
Dutch organizations
found that employers have started to adjust to the rise in the
official retirement
age in terms of health and safety regulations, and increasing
training for senior
workers [38].
4.4. Saving and Retirement Security

One challenge of an aging population may be a growing number
of increasingly
long-lived individuals who outlive their retirement resources
and will then rely
on the social safety net to meet late-life needs. Raising
retirement ages is one of
the options for enhancing retirement security [39]. Working
longer should im-
prove the retirement savings of individuals, reducing the
possibility of exhaust-
ing their resources in old age [10] [40].
4.5. Improved Education Level
Education levels have improved in labor markets around the
world [34], re-
search indicates that better educated people have lower
morbidity rates from the
most common acute and chronic diseases, independent of basic
demographic
and labor market factors [22], and a correlation exists between
higher education
and the ability to work longer [10]. Therefore, and as a result,
the increase in the
workers’ education level could be a justification for increasing
the retirement
age.
The concept of active ageing implemented by the European
Union suggested
that older workers should have sufficient access to further
education and train-
ing to help them remain active in the labor market [41].
To conclude, it can be said that increasing the retirement age
can be efficient

from the economic point of view, as by increasing the number
of people in the
labor force, gross domestic product will also increase thereby
creating more re-
65
sources that could be split between workers and retirees [10].
5. Early Retirement
There are workers who choose, for different reasons, to retire
before the statuto-
ry retirement age is reached. “Early retirement” is an
opportunity for phased
reduction in the retirement benefits available earlier than the
normal retirement
age [42]. It is an opportunity to receive some benefits earlier. A
reduced pension,
in some instances, may be claimed up to five years before the
statutory retire-
ment age [22]. For example in Japan the pension is reduced by
42% to 11% (de-
pending on the age at which the pension is awarded) when
retiring before the
official retirement age. On the other, in the US pension benefits
is reduced for
each month the insured is younger than the full retirement age,
however the
pension is increased by 8% a year for each year after one
reaches full retirement

age the insured defers retirement -up to the age of 70 years old.
Early retirement has broader implications for organizations and
society as it
represents an “off time” event (i.e., the timing of the event is
inconsistent with
the societal norms). As a result, from the human resource
management perspec-
tive, organizations and society, more broadly, must account for
the influence
that early retirements have on other members of the
organization or society [43].
Early retirement is also seen as a much appreciated social
achievement which
increases personal well-being, particularly among employees
who suffer from
work-related health problems [44].
A procedures distinction is made between workers that retire
voluntarily,
usually due to a strong preference for retirement, and
involuntary retirees, who
are forced to retire by such factors as health problems, weak
employment condi-
tions, and organizational pressures that induce them to leave
their jobs [45].
As times changed, policymakers have started to increase not
only the eligibili-
ty age of retirement, but also the eligibility age for early
retirement [22]. For
example, in Spain involuntary early retirement age is gradually
rising from the
age 61 and two months to age 63 by 2027 and voluntary early
retirement age is
rising from the 63 and two months to age 65 by 2027.

6. Arguments against Increasing the Retirement Age
The policy of increasing retirement age encountered in a
widespread resistance
from unions [46], women’s rights organizations and others. In
addition to dis-
puting many of the contentions about increasing the retirement
age, and the as-
sumptions upon which they are made, the opponents’ claim that
the reduced
benefits will increase the poverty rate because many of those at
risk—the poor,
the less educated, those with health problems, and those who
work in physically
demanding jobs—have no choice but to retire early [10].
Another argument made by the opponents is that not all groups
have seen the
same increase in life expectancy, so those with historically
shorter life expectan-
cies, for example the poor, the less educated, and blue collar
workers—are af-
fected disproportionally by an increase in the retirement age
because they stand
66
to reap fewer benefits [10]. In the U.S. for example, the average
for the full pop-
ulation hides crucial differences between racial groups in

quality of life, ability to
work and longevity. Increasing the normal retirement age will
make it more dif-
ficult for some Americans to experience a healthy and active
retirement; Blacks
will be disproportionately affected, in part because they are
more likely to de-
velop adverse health conditions that limit their ability to work
and to report de-
clining health. The average black American will experience
physical limitations
before the official retirement age of 67 [47].
Another reason for opposition is that older workers have more
difficulty
finding new employment and, when they do, often earn less than
they did in
previous jobs [10]. Women’s rights organizations point out that
women are dis-
criminated against in the workplace [48]: they have a more
difficult time getting
a job, and when they do, they are paid less than a man doing the
same work.
These organizations feel that compelling women to work
additional years will
sentence them to more years of being a member of the working
poor communi-
ty, compelling many to rely on Social Security to supplement
their income [32].
7. Summary and Conclusions
The growth of the older segment of the population together with
increased life
expectancy led policymakers to rethink the length of working
life and pension

eligibility age. As a result, in 24 of the 34 countries we
examined, pension re-
forms increasing retirement ages were implemented or planned
to be imple-
mented in the near future.
Current data indicate that raising the retirement age may
prevent serious
challenges to the pension systems. In a situation where life
expectancy is rising
and people are living longer—and generally in good health—
many older indi-
viduals want to or need to work. It should be also desirable
from the employers’
point of view, as shortage of workers becomes a serious
problem in many places
[49]. It therefore may be necessary to increase the retirement
age.
With that being said, we should take into consideration the
employers’ point
of view, as some employers may associate their ageing staff
with higher labor
costs and lower productivity [50] [51] while others are realizing
their depen-
dence on the skills of older workers. Employers that expect a
larger cost- prod-
uctivity gap might consider wage subsidies an effective measure
to extend work-
ing lives [50].
We should also remember that there are vulnerable groups that
are expected
to suffer from any move to raise the retirement age. Therefore,
if the policy of
increasing the retirement age is implemented, it should be

introduced incre-
mentally to allow the public, employers and workers time to
adjust to the
changes. For example in Denmark, the retirement age will rise
gradually by six
months a year to 67 from 2024 to 2027. But it would not be
enough; special at-
tention must be given to disadvantaged populations and
alternative forms of as-
sistance should be arranged to help them cope during a longer
period of time
until they reach pension eligibility age.
67
Countries can also implement other measures, together with or
instead of in-
creasing the retirement age. For example Sweden has not
increased retirement
age in recent years [52] [53] but created incentives for workers
to remain em-
ployed longer [54]. Such incentives, like canceling the concept
of “full pension”
and implementing a new formula in which additional years one
is gainfully em-
ployed increase the pension that person earn [55], or the option
of drawing part
of the worker pension while (s)he continues to work part-time,
with his remain-
ing pension entitlement continuing to grow [56], might prolong
working life

without implementing a raise in the retirement age.
The implications for policy makers are clear: first, there is a
need to support
changes that increase confidence in the solvency of the pension
system while
maintaining adequate protections; second, there is a need to
analyze how each
proposed change affects vulnerable populations and advocate
for their protec-
tion. Finally, there is a need to educate and help people
understand any changes
in the law so they can plan ahead and decide about the optimal
time to retire
given their particular needs and preferences.
Acknowledgements
The authors would like to extend their sincere appreciation to
Dr. Matthew S.
Rutledge for his valuable comments and suggestions to improve
the quality of
the paper.
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mailto:[email protected]Increasing the Pensionable Age: What
Changes Are OECD Countries Making? What Considerations
Are Driving Policy?AbstractKeywords1. Introduction2. How
Was the Retirement Age Determined?3. The Criteria for Setting
a Certain Retirement Age4. Reasons for Increasing the
Retirement Age4.1. The Demographic Challenge4.2. Crisis in
Public Pension Programs4.3. Greater Demand for Older Workers
4.4. Saving and Retirement Security4.5. Improved Education
Level5. Early Retirement 6. Arguments against Increasing the
Retirement Age7. Summary and
ConclusionsAcknowledgementsReferences

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