Chapter 10: Work and Retirement Flashcards
What are the job factors that contribute to decline in vocational performance? (negatives)
- physical exertion
- shift workage bias
- lack of collaboration
- cognitive effort (fluid abilities and basic cognition declines)
What are age related worker factors that contribute to improvement in vocational performance? (positives)
- openness to change
- greater expertise (crystallized, intelligence, tacit knowledge)
- fewer absences
- knowing the ropes
- fewer injuries
What are age-friendly workplaces?
- initiatives to encourage companies to hire older workers
What does being retired mean?
- not easy to define
- closely linked with policy and health of economy
- the process of withdrawing from full-time employment
What are the 5 phases in the process of retirement?
- Anticipation - changes in work attitudes and financial assessment
- Decision - announcement of retirement date, financial preparation
- Official Retirement - final day of work, recognition by employers and co-workers
- Initial Adjustment - shifts in use of time, financial adaptation
- Stabilization - adaptation to non-working role
- Bridge Employment/ Blurred Retirement - continued involvement in labour source
What is Crisp Retirement
- retire and no work at all after retirement
What is Blurred Retirement
- or semi- retired
What is Bridge Employment
- retired for one job
- starting something different
What is the normal retirement age
- it is changing
- age of retirement is decreasing, aka getting younger
What is Old Age Security (OAS)
- type of pension
- almost all individuals aged 65+ receive old age security benefits
- in 2023 it is moving to 67 years +
What is the Canadian Pension Plan (CPP) and the Quebec Pension Plan (QPP)
- only those in the paid workforce receive this
- impacted by length of employed work and how much contributed (must have worked to receive this)
- in 2013 the average amount taken monthly at age 65+ is $600.00
- adjusted for cost of living increases
- benefits
What are other sources of income during retirement
- private investments
- private pensions
- Registered retirement savings olan (RRSPs)
- employed earnings
What are full-time homemakers (stay at home moms or caregivers)?
- share spouses benefits and may collect as much as 60% in a survivors benefit once spouse dies
- source of income
- survivor benefits will increase from 60 to 62 years
What are some solutions regarding the many countries grappling with an aging population that will need to be supported by a smaller workforce?
- raise age of OAS eligibility
- incentives to reduce early retirement
What are the effects of retirement and how have they changed
- past: poor health, low income, loss of status
- Today: not so bleak, more flexibility and variability, overall better than before
