As many of the Boomers move to think about retirement, it is good to know that many unions in Canada have negotiated help for their members. This web site at Human Resources Canada shows what can and has been done in this area. It is interesting reading
In January 1998, clauses pertaining to counselling services appeared in 13.4% of major Canadian collective agreements covering 19.2% of employees (431,601). It should be noted that not all counselling services necessarily provide help specifically linked to retirement. There are nevertheless programs offering help to workers nearing retirement in areas such as health care, financial planning, housing arrangements, life adjustments, legal matters, organization of leisure time and job-finding skills for a second career. These may help older workers prepare for new challenges while alleviating possible anxiety.
Contract clauses offering a pre-retirement counselling program or seminar are relatively short and provide few details. In almost all cases, however, these provisions stipulate that this service will be financed and, whenever possible, provided by the employer.
Irving Paper and Communications, Energy and Paperworkers Union of Canada, Local 601 (1999-2005): "The company agrees to provide, at no cost to the employee, a pre-retirement counselling program."
Canadian Forest Products Limited and Pulp, Paper and Woodworkers of Canada (1997-2003): "The Company will provide a pre-retirement counselling program. The Company will involve the Union in the design of the program."
General Electric Canada Inc. and Communications, Energy and Paperworkers Union of Canada (2001-2004): "The Company undertakes to provide within a six- (6) month period a pre-retirement information program for employees aged 55 or older. In the event that the program is not delivered as part of a group program, the Company shall then, with prior approval, reimburse the employee and/or his/her spouse for the registration fees charged for such a program offered by a public body (…)" [translation]
Some agreements specifically state the nature of the counselling service to be offered (e.g., financial).
Concordia University and Concordia University Faculty Association (1998-2002): "Members who retire in accordance with the retirement plans in Article 42 [Retirement] shall be provided with financial counselling."
Government of Nova Scotia and Nova Scotia Government Employees’ Union (1997-2000): "The Employer will arrange financial counselling for employees who express interest in accepting an Early Departure Incentive Plan (EDIP) severance payment. This counselling will be arranged as soon as reasonably possible. The cost of the financial counselling shall be borne by the Employer, payable to an approved service provider."
Many Boomers do not want to start full retirement, so an alternative is phased retirement.
Phased retirement is broadly defined as any program allowing for gradual decreases in working time and workload instead of an abrupt move from full-time employment to retirement.
Phased retirement may take one of two forms: a pre-retirement gradual reduction in hours (or days) of work or post-retirement part-time work for pensioners who wish to remain employed.
From the employers’ point of view, phased retirement programs can be useful to retain skilled older employees who would otherwise retire (especially in sectors where there is a shortage of entry-level job applicants), to reduce labour costs, or to arrange the training of replacement employees by older workers. They also allow employers to plan attrition and, to a certain extent, to maintain employee morale when a company restructures its operations.
Phased retirement can also be beneficial for older workers. It helps them to gradually ease into retirement while maintaining a higher income than they would receive if they relied on their pension alone.
So if you are a boomer and thinking about retirement and your collective agreement does not have retirement counselling, or you work in a nonunion environment, then perhaps phased retirement is something your employer may consider
In January 1998, clauses pertaining to counselling services appeared in 13.4% of major Canadian collective agreements covering 19.2% of employees (431,601). It should be noted that not all counselling services necessarily provide help specifically linked to retirement. There are nevertheless programs offering help to workers nearing retirement in areas such as health care, financial planning, housing arrangements, life adjustments, legal matters, organization of leisure time and job-finding skills for a second career. These may help older workers prepare for new challenges while alleviating possible anxiety.
Contract clauses offering a pre-retirement counselling program or seminar are relatively short and provide few details. In almost all cases, however, these provisions stipulate that this service will be financed and, whenever possible, provided by the employer.
Irving Paper and Communications, Energy and Paperworkers Union of Canada, Local 601 (1999-2005): "The company agrees to provide, at no cost to the employee, a pre-retirement counselling program."
Canadian Forest Products Limited and Pulp, Paper and Woodworkers of Canada (1997-2003): "The Company will provide a pre-retirement counselling program. The Company will involve the Union in the design of the program."
General Electric Canada Inc. and Communications, Energy and Paperworkers Union of Canada (2001-2004): "The Company undertakes to provide within a six- (6) month period a pre-retirement information program for employees aged 55 or older. In the event that the program is not delivered as part of a group program, the Company shall then, with prior approval, reimburse the employee and/or his/her spouse for the registration fees charged for such a program offered by a public body (…)" [translation]
Some agreements specifically state the nature of the counselling service to be offered (e.g., financial).
Concordia University and Concordia University Faculty Association (1998-2002): "Members who retire in accordance with the retirement plans in Article 42 [Retirement] shall be provided with financial counselling."
Government of Nova Scotia and Nova Scotia Government Employees’ Union (1997-2000): "The Employer will arrange financial counselling for employees who express interest in accepting an Early Departure Incentive Plan (EDIP) severance payment. This counselling will be arranged as soon as reasonably possible. The cost of the financial counselling shall be borne by the Employer, payable to an approved service provider."
Many Boomers do not want to start full retirement, so an alternative is phased retirement.
Phased retirement is broadly defined as any program allowing for gradual decreases in working time and workload instead of an abrupt move from full-time employment to retirement.
Phased retirement may take one of two forms: a pre-retirement gradual reduction in hours (or days) of work or post-retirement part-time work for pensioners who wish to remain employed.
From the employers’ point of view, phased retirement programs can be useful to retain skilled older employees who would otherwise retire (especially in sectors where there is a shortage of entry-level job applicants), to reduce labour costs, or to arrange the training of replacement employees by older workers. They also allow employers to plan attrition and, to a certain extent, to maintain employee morale when a company restructures its operations.
Phased retirement can also be beneficial for older workers. It helps them to gradually ease into retirement while maintaining a higher income than they would receive if they relied on their pension alone.
So if you are a boomer and thinking about retirement and your collective agreement does not have retirement counselling, or you work in a nonunion environment, then perhaps phased retirement is something your employer may consider
Hey just wanted to give you a quick heads up. The words
ReplyDeletein your article seem to be running off the screen in Opera.
I'm not sure if this is a format issue or something to do with web browser compatibility but I thought I'd post to let you know.
The design and style look great though! Hope you get the issue resolved soon.
Many thanks
My web site - paving companies Johannesburg
I did a search to see if I could figure out why this is happening, and this is what I found out. Opera "is no longer supported by Blogger. Some parts of Blogger will not work and you may experience problems." The message is from the site I use and it appears that the problem is web browser compatibility.
ReplyDelete