TORONTO, Dec 23, 2008 (MARKET WIRE via COMTEX News Network) -- A third of Canadian workers say they don't expect to retire from work until after the age of 65 while less than half believe they will have sufficient savings to retire comfortably, according to the latest release of the Kelly Global Workforce Index.
The survey, by global recruitment firm Kelly Services (NASDAQ: KELYA) (NASDAQ: KELYB), found that 37 percent of people believe they will need to rely on a government pension or social security after they retire.
The global survey sought the views of 115,000 people in 33 countries including more than 11,000 in Canada.
Karin French, vice president and managing director, Kelly Services Canada, said the survey shows that many people are planning to work longer as part of a broader movement away from the traditional idea of absolute retirement from the workforce.
"Increasingly, we are seeing people continue in some form of employment, either working part time, doing consultancy work or starting up a business," notes French. "The global shortage of skilled workers means that many of these people are in high demand as organisations try to retain their skills and keep them engaged in the workforce for a longer period of time."
Amongst the key findings of the survey: -- 67 percent of respondents plan to retire by age 65, with 33 percent planning to continue working beyond 65 years -- Only 40 percent believe they will have enough savings to retire comfortably -- 37 percent say they will need to rely on a pension or social security after they retire -- 71 percent say they would accept an offer to continue working at the time of retirement -- 48 percent say they think they could easily find a job after retirement
While an average 33 percent of Canadians plan to work beyond age 65, more males (36 percent) intend to push out their retirement than females (30 percent).
When asked how they would supplement their income after retirement, 21 percent said they would seek permanent part time work, 18 percent would look for temporary or contract work and 17 percent planned to start a business.
Interestingly, of those who would accept the offer of continuing work with their employer after retirement, many would not be doing it solely for the money. A total of 56 percent said their motivation would be to keep active, 24 percent would do it out of a sense of loyalty and 18 percent for the income.
The question of where people would choose to live after retirement produced mixed feelings. A total of 45 percent plan to stay in the same town/city; 11 percent would live in a different town/city; 7 percent would shift to a different country and 37 percent were undecided.
The survey highlights the changing way that people are approaching retirement in the face of concerns over the quality of life post-retirement, and a global war for talent that means many of those at retiring age have skills that are in strong demand.
"We are increasingly seeing people planning their retirement as a transition from the workforce, rather than an abrupt lifestyle change," said French. "For some, it will be necessary to continue some form of work to maintain their quality of life. Others will find that staying engaged in the workforce helps to keep them healthy and active."
Retirees have become a new source of untapped labour for organisations struggling to fill skilled vacancies from a tight labour market. "For these people, they will be able to leverage their skills into areas that fit with their lifestyle and provide an income stream after they have ceased full time work," French concluded.
About Kelly Services
Kelly Services, Inc. (NASDAQ: KELYA) (NASDAQ: KELYB) is a world leader in human resources solutions headquartered in Troy, Michigan, offering temporary staffing services, outsourcing, vendor on-site and full-time placement to clients on a global basis. Kelly provides employment to more than 750,000 employees annually, with skills including office services, accounting, engineering, information technology, law, science, marketing, creative services, light industrial, education, and health care. Revenue in 2007 was $5.7 billion. Visit www.kellyservices.com.
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SOURCE: Kelly Services, Inc.
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