Working tenure of retirees averages at 8.2 years.
Working Past Retirement Age: A Global Trend Among Seniors
In Russia, retirement doesn't necessarily mean leaving the workforce. On average, pensioners continue to work for an additional 8.2 years, with the duration varying based on pension status. Those retiring at the standard retirement age work for about 2.2 years, while early or military pensioners work for 8.1 years, and those with disability payments, for 13.1 years.
However, the percentage of working pensioners in Russia has been decreasing over the years. As of the end of 2024, it stood at 17%, as compared to 23% in 2011, 22.3% in 2014, and 20% in 2020.
Despite this downward trend, a survey by Avito Raboty revealed that 61% of Russians plan to continue working after retirement. A third of them are considering full-time work, while another 18% lean towards part-time or freelance opportunities.
The main reasons for this decision include the desire for financial stability (54%), an active lifestyle (39%), and a sense of security (37%). Some even aspire to start their own businesses (9%).
In larger corporations, employees aged 46-65 account for 42% of the total workforce, while those under 28 make up only 13%. The growing number of job seekers aged 50 and above can be attributed to factors like economic necessity, longer life expectancy, and personal choice.
When it comes to the global workforce, older workers face challenges such as ageism, assumptions about their technological skills, and exclusion from promotions. However, companies that foster inclusive multigenerational cultures and offer flexible benefits and wellness programs are better equipped to leverage the skills and experience of older employees.
In the US, the Age Discrimination in Employment Act (ADEA) regulates hiring, firing, promotions, and training of workers aged 40 and older to combat age discrimination, which remains prevalent despite legal protections. Examples of age-based harassment, intentional layoffs, and denial of promotions are documented instances of age discrimination.
| Issue | Details ||-----------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|| Legal Protections | ADEA in the US prevents age discrimination for workers aged 40 and higher || Challenges | Ageism, assumptions about technological skills, exclusion from promotions || Positive Practices | Multigenerational work environments, flexible benefits, wellness programs || Reasons for Working Longer | Economic need, personal fulfillment, longer life expectancy, demographic trends |
By tackling ageism and promoting an inclusive work environment, companies can tap into the skills and experience of older employees, ensuring a diverse and well-rounded workforce.
I'm not sure if my education or self-development in the field of business or finance will be sufficient to start a new business after retiring, considering the challenges older workers face such as ageism and assumptions about their technological skills. However, despite the downward trend in the percentage of working pensioners in Russia, a significant number of Russians, including 61%, are planning to continue working after retirement, driven by reasons like financial stability, an active lifestyle, and a sense of security.
