This article is part of a series in which OECD experts and thought leaders – from around the world and all parts of society – address the COVID-19 crisis, discussing and developing solutions now and for the future. It aims to foster the fruitful exchange of expertise and perspectives across fields to help us rise to this critical challenge. Opinions expressed do not necessarily represent the views of the OECD.
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In recent decades, the world has witnessed changes in the way people live, work and retire. Increases in longevity and advances in medical science are enabling people to stay active and contribute to society longer than previous generations. Many people are now planning to work beyond traditional retirement age for both personal and financial reasons. At the same time, the concept of a “job for life” is becoming outdated and workers need greater flexibility. An individual’s ability to successfully work, financially prepare and transition to retirement is largely dependent on the support they receive from employers.
The pandemic has widely exposed the fragility of retirement systems but offers an opportunity for social partners to work together for the greater good and solve pressing problems.
For years, retirement systems around the world have been undergoing severe financial strain, which has led to the transition from employer-sponsored defined benefit to defined contribution retirement plans and a call for reforms to government pensions. Individuals have become increasingly expected to self-fund a greater portion of their retirement income and many are not fully equipped to do so. Now, the COVID-19 pandemic and economic downturn have exacerbated this already tenuous situation.
Although its long-term impacts are yet to become clear, the pandemic has widely exposed the fragility of retirement systems but offers an opportunity for social partners to work together for the greater good and solve pressing problems. The world’s response to the pandemic has shown that, as people, we are dependent on each other and that our economic, health and social security systems are interdependent.
As the pandemic continues, it will test our strength and solidarity. We must remain steadfast in our resolve for positive change.
Aegon, one of the world's leading providers of life insurance, pensions and asset management, will be hosting a virtual roundtable to uncover findings of its 9th Annual Global Retirement Readiness Survey on Wednesday, June 24 at 10:30 am ET / 3:30pm BST / 4:30 pm CET.
This new survey report entitled The New Social Contract: Age-Friendly Employers explores the vital role of employers in helping workers successfully navigate their working lives and prepare for retirement, a role that has become even more crucial and precarious amid the pandemic. This report examines employer-sponsored retirement and other welfare benefits, flexible work arrangements and workplace wellness programs. It discusses best practices and provides actionable recommendations for empowering workers. Indeed, while employers are a critical catalyst, they must be supported by public policy, and individuals must engage in the programs offered.
Aegon will be welcoming influential speakers across business and academia to discuss the future of work, the role that workers and employers must play in retirement readiness, the possible impact of unforeseen events and actionable solutions for individuals and employers. Moderator Mark Twigg, Executive Director of Cicero/AMO will be joined by the experts below.
If you would like to attend a Teams Live Event to learn more about the research please send an email to firstname.lastname@example.org before June 22 and we will send you a link to the event. We hope to see you there!
|Tackling COVID-19||Intergenerational Solidarity||Future of Work|
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