We are working longer! How will changes to the retirement age and threats to pension provision affect the wellbeing of older people?

We are working longer! How will changes to the retirement age and threats to pension provision affect the wellbeing of older people?

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Workshop presentation

Presenter(s):

Jolene Skordis; Cherian Mathews; Alison Marshall, Age International, United Kingdom

Abstract

As populations age globally, policymakers face increasing challenges as they aim to meet the demands of longevity while remaining economically viable. Over the past decade, many countries have modified their retirement age policies in response to the demographic pressures of aging populations, the economic pressures caused by shrinking tax incomes, and evolving labour market realities. High income countries have largely moved toward raising both statutory and effective retirement ages and improving gender parity in the age of retirement. Upper-middle and lower-middle income countries like South Africa, India and China, by comparison, navigate complex trade-offs between labour market needs, the fiscal challenges posed by large informal sectors, pension sustainability and rising inequality.

Changes to the retirement age and threats to pension provision, can impact the wellbeing of older people through a range of mechanisms. Raising the retirement age means working longer to receive pension benefits, and working longer can affect physical and mental health. For those with physically demanding jobs, additional years in work might be challenging to perform, increasing the risk of stress and anxiety. For those in sedentary jobs or who risk isolation outside of work, additional years in work may offer positive gains in terms of stimulation and social engagement. Whether positive or negative, the effects of delayed retirement are unlikely to be equally distributed. Those with higher incomes and better health may be better able to work longer, while lower-income individuals and those with health issues may not – further exacerbating economic disparities and inequalities in health and wellbeing.

Changes to retirement age introduce both opportunities and challenges in terms of financial stability, physical health, mental well-being and social inclusion. The interplay between pension policies, demographic trends and economic pressures remains a dynamic and critical area of policy debate.

In this session, we will explore how labour market and pension reforms intersect with the lived experiences and wellbeing of older adults. We will consider intergenerational workplace dynamics, the potential benefits of adaptive labour practices and the opportunities offered by new technologies. How can we move towards a balanced policy framework that champions both economic resilience and the dignity and quality of life for older workers in an evolving socio-economic landscape?

We would recommend:

– A representative from South Africa, and / or China and India if possible

– And a balance from different regions – it would be good to have a speaker from South or Central America if possible.

– A representative from a ‘high income’ country

– Potentially HelpAge could speak about plans for the ‘Pension Watch’ observatory.

Bio(s):

Jolene Skordis is a Professor of Economics, specialising in health and development. She is Vice-Dean (International and Advancement) for UCL’s Faculty of Population Health Sciences, Head of the Department of Environment and Community Health, Chair of the European Global Health Research Institutes Network, a Senior Research Fellow at the Institute for the Future of Work and a Fellow of the Royal Society for Public Health. She is a regular advisor to the WHO, World Bank and the Global Fund. She works primarily within randomised trials of complex public health interventions, with research programmes spanning fiscal space for sustainable and scalable health service delivery, anti-poverty programmes, gender empowerment, social networks to support behaviour change and the promotion of health equity. Her work has directly influenced government policy in a range of countries.

Alison is CEO of Age International and a member of the Age UK Senior Leadership Team. She leads Age International’s work on the needs and rights of older people across low- and middle-income countries, overseeing governance, advocacy, fundraising, communications, programme funding and humanitarian work.

Alison has over 25 years’ experience in international development. She was previously Managing Director of Sense International, working for and with people with disabilities. Before that she held senior roles at the International Planned Parenthood Federation, UNICEF UK, Bond and CAFOD. Her work on human rights has seen her travel extensively, most recently to visit work with older people in India, Rwanda, Vietnam, Pakistan and Tanzania.

Alison is on the Boards of the Disasters Emergency Committee, INTRAC and the Fairtrade Foundation.

She holds a MSc in NGO Management from Bayes Business School, a LLM in Human Rights from the University of London, and MAs from Sussex University and from Cambridge University where she studied Geography.

Cherian Mathews is Chief Executive of HelpAge International, leading the organisation’s global work to promote the wellbeing, dignity and rights of older people.

Cherian has more than 30 years of international development experience in leading and managing humanitarian, long-term development and campaign work at country, regional and global levels.

Previously, he worked with Oxfam GB as International Programme Director and before that as Asia Regional Director, where he led major humanitarian responses in the Philippines and Nepal and led regional campaigns on economic justice and inequality.

Before joining Oxfam in 2003, Cherian worked with Action Aid. Prior to that he worked with local and national level organisations on the rights of indigenous and other marginalised communities in India.