Retirement and Skill Issues in Northern Ontario Industries

In a follow-up study to Schell et al. (1989), the occupational and age profiles of employees aged 45 years to 64 years are explored in relation to retirement issues. The data collected by Schell and colleagues were taken from a mail survey of 465 male employees aged 45 years or over from 8 participating firms. The following profiles were presented: 1. socio-demographic, including health, 2. present and future finances, and 3. retirement age intentions and opinions. Results showed that all 4 occupational groups were inclined to take an early retirement in the medium term and were more inclined to do so in the long term. Given the current levels of expected financial security and health concerns, the recent acceptance rate of 60% for existing pension packages probably will continue. With all other things being equal, companies need not improve the packages significantly. However, any increase in workforce requirements, which could happen in the long term, would oblige companies to consider diminishing their use of early retirement offers.