‘The New Social Contract: Age-Friendly Employers’ Report Offers Recommendations to Support Workers of all Ages

The New Social Contract: Age-Friendly Employers explores the vital role of employers in helping workers successfully navigate their working lives and prepare for retirement, a role that has become even more crucial and precarious amid the pandemic.

It is the fourth report in a series released through collaborative work between nonprofits Instituto de Longevidade Mongeral Aegon and Transamerica Center for Retirement Studies, and Aegon Center for Longevity and Retirement (ACLR).

Some specific themes suggested for employers that came from surveys of working and retired individuals included,

  • Cultivating an age-friendly workplace that recognizes the value and contribution of workers of all ages.
  • Offering workplace retirement benefits, matching contributions, and lifetime income solutions.
  • Offering professional advice services to help workers create a concrete retirement action plan and if feasible extending advice to all workers.

This report examines employer-sponsored retirement and other welfare benefits, flexible work arrangements, and workplace wellness programs. It discusses best practices and provides actionable recommendations for empowering workers. The findings in this report are based on a survey of 14,400 workers and 1,600 retired people surveyed across 15 countries: Australia, Brazil, Canada, China, France, Germany, Hungary, India, Japan, the Netherlands, Poland, Spain, Turkey, the United Kingdom, and the United States. The survey was conducted online between January 28 and February 24, 2020.

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