I blogged recently about some remarkable statistics from the U.S. Bureau of Labor Statistics indicating that the labor force participation rate for workers 65-and-over has gone up dramatically since the 1990s.
A new CIBC poll conducted by Leger Marketing of Canadians aged 50-59 found that on average, the respondents plan to retire at age 63, but
- 53 % said they plan to keep working in retirement
- 29 per cent are not sure yet if they will work once they retire
- 14 per cent said they would not work at all once they retire
This supports a trend reported by National Bank Financial that the participation rate of Canadian workers aged 55-and-over has increased significantly since the 1990s, from 23% to more than 34%. Put another way, the number of workers aged 55-and-over has doubled in just ten years. Furthermore, in the OECD there are many countries where the employment-to-population ratio for people aged 55-to-64 is higher than in Canada.
This is good news for utilities, who may find that more older, experienced workers are will be available for mentoring the next generation of designers and engineers than initially had been expected. The IEEE PES has reported that 51% of electric power engineers would be eligible to retire by 2014.
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