Early Retirement Intention in Workers from the Industry and Service Sectors: Influence of the Perception of Benefits from Retiring or from Continuing to Work

Jordi Fernández- Castro,Rosa Serrano,Victoria López,Tatiana Rovira,Joaquín T Limonero,Maria Pau González- Olmedo

doi:10.4236/jss.2015.34010

Jordi Fernández- Castro, Rosa Serrano + Show 4 more

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https://doi.org/10.4236/jss.2015.34010

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Abstract

This study aims to identify the factors that favor the intention to continue working or to retire in workers over 50 years old. The sample consisted of 186 workers of both sexes from the industry and services sectors who answered a questionnaire which recorded their perceived health, job quality and their perception of the benefits or drawbacks of continuing to work or taking early retirement. The results indicated that to continue in active employment is mainly seen as economically beneficial but negative for family life and health. In contrast, early retirement is seen as beneficial for family life and self-actualization but economically negative. A regression analysis revealed that the motivation to stay active occupationally depends on the perceived health and social support given at work, but mostly to have a positive vision of being active workforce.

Highlights

Demographic data about the European Union countries show a high increase in the percentage of elderly people.How to cite this paper: Fernández-Castro, J., et al (2015) Early Retirement Intention in Workers from the Industry and Service Sectors: Influence of the Perception of Benefits from Retiring or from Continuing to Work
It can be concluded that the intention to continue working depends on factors related to individual wellbeing, like perceived health, and on job related factors, like social support, and depend on the perceived future benefits from continuing to work and those from early retirement that are related to other factors unconnected to the job itself
One explanation about why this study, in comparison to previous studies, has not found any important influence in job quality, like demand or control, could be because of the inclusion of the perception of the benefits from continuing to work and the benefits from retirement, which are variables that had not been considered in previous studies

Summary

Introduction

Demographic data about the European Union countries show a high increase in the percentage of elderly people.How to cite this paper: Fernández-Castro, J., et al (2015) Early Retirement Intention in Workers from the Industry and Service Sectors: Influence of the Perception of Benefits from Retiring or from Continuing to Work. Population aging endangers the sustainability of pension systems, and for this reason in 2001 the European Council made a proposal for half the population aged between 55 and 64 years old to be employed in 2010, and among other measures it proposed that retirement age should be increased [1]. These objectives were not met [2]; it was not until 2008 with the growing economic crisis that EU countries began to raise the retirement age as occurred in Spain in 2010, where retirement is at 67. Raising the retirement age has not increased the percentage of the older workforce, but completely the opposite [3]

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