Mandatory retirement: a constraint in transitions to retirement?

Rafael Gómez · Morley Gunderson · Andrew A. Luchak

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Retirement, Disability, and Employment Labor Law and Work Dynamics Financial Literacy, Pension, Retirement Analysis

Abstract

Issues associated with retirement in general, and phased transitions into retirement in particular, are taking on increased importance for a variety of reasons. Outlines those reasons, paying particular attention to the practice of mandatory retirement. Presents age dependency ratios for the OECD to highlight the importance of these issues in the context of an ageing and longer‐lived workforce relative to a smaller working age population. Then discusses the prevalence of mandatory retirement in Canada and the USA, and presents empirical evidence from Canada on variables associated with retiring because of mandatory retirement. The Canadian case is of particular interest, because mandatory retirement in Canada has generally not been banned, which is in marked contrast with the situation in the USA, where it has been banned as constituting age discrimination. The public and legal debate over the issue of mandatory retirement has also been extensive in Canada, and this debate may provide information for other countries dealing with the issue. Ends with an assessment of the extent to which mandatory retirement exerts a constraining influence on transitions into retirement. The essential argument is that its constraining impact is not as simple as it may initially appear. To the extent that mandatory retirement is an intricate part of the compensation and human resource function of firms, banning it can have important implications for those functions and, in turn, for transitions into retirement. The complexities of these issues and dramatically increasing old‐age dependency ratios will ensure that this is an area of growing importance for public policy and human resource management.

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References

1979Why Is There Mandatory Retirement?1999The Retirement Decision in OECD Countries 1982Pensions as Severance Pay 1990Pensions and Deferred Befefits as Strategic Compensation 1988Retirement Incentives Contained in Occupational Pension Plans and Their Implications for the Mandatory Retirement Debate 2002How pension accrual affects job satisfaction 2001Outlawing age discrimination: Foreign lessons, UK choices 1998The Retirement Decision in the OECD Countries

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2019Pathways to Retirement, Well-Being, and Mandatory Retirement Rules: Evidence from Canadian Reforms

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