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2020 Pension Research Council Symposium: Public/Private Partnerships for Longevity Risk Management Presented by: Tim Driver Amanda Henshon
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Employment Social Engagement Longevity
Working Longer Solves (almo most) Everything The correlation between - - PowerPoint PPT Presentation
Working Longer Solves (almo most) Everything The correlation between - - PowerPoint PPT Presentation
2020 Pension Research Council Symposium: Public/Private Partnerships for Longevity Risk Management Presented by: Tim Driver Amanda Henshon Working Longer Solves (almo most) Everything The correlation between employment, social engagement and
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- Lower turnover rate and increased workforce flexibility
- Improved customer satisfaction
- Augment diversity programs
- More experienced
The Business Case For Older Workers
2020 PRC SYMPOSIUM
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- Fallacy of displacing younger workers
- Misperception that wages of older workers are significantly more costly
- Retirement cost differential diminishing with shift from defined benefit
to defined contribution plans
- Healthcare continues to be more costly to employers for older workers
when compared to younger workers, though differential is shrinking Do Strengths of Older Workers Offset Possible Increased Costs?
2020 PRC SYMPOSIUM
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- Small employers are permitted to establish Medicare supplement plans in
addition to standard employee healthcare plan
- Employees age 65+ may file for Medicare parts A & B
- Financial benefit to employees (lower deductibles, copayments,
premiums) may incentivize employees
- Employers benefit from significantly lower cost of Medicare supplement
plans when compared to all-inclusive health insurance An Exception Exists: The cost to small employers for providing healthcare to older workers can be less than the cost of healthcare for employees under age 65
2020 PRC SYMPOSIUM
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- Increased GDP
- Provides both skilled and less-skilled labor in tight labor markets
- Reduces cost and burden of caring for older adults
- Shores up Social Security as workers continue to make contributions
through payroll taxes Societal Health Case for People Working Longer
2020 PRC SYMPOSIUM
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Employment among older people may lead to as much as four times as much social interaction Benefits to Older Workers
2020 PRC SYMPOSIUM
How many different people do you speak to in-person on an average weekday? Not currently employed Employed Source: RetirementJobs.com and Age Friendly Foundation. Based upon 1,438 Survey Respondents (2020)
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Employment Social Engagement Longevity