Old-Age Security and Silver Workers: An Empirical Survey Identifies Challenges for Companies, Insurers and Society

As a result of demographic development, pension reforms have been passed to make them more sustainable for the future. More recently, understanding of the importance of the employment of older workers has been increasing but there is still the need for a policy shift. Moreover, the future shortage of qualified staff will noticeably affect the growth of many developed economies in the next decades. This explorative paper focuses on the present empirical situation and expectations of the workforce capacity of older persons in good mental and physical health: paid and unpaid active retirees in Germany (Silver Workers). The lifestyles of Silver Workers as well as reasons for engagement in post-retirement activities and necessary framework conditions of work during retirement are described. The qualitative and quantitative survey allows us to derive practical recommendations for leadership, human resource management and policies, as well as for the insurance industry. The authors estimate that integrating Silver Workers can contribute to macroeconomic growth potential, relieve old-age pension systems (Fourth Pillar) and provide new business opportunities. © 2009 The International Association for the Study of Insurance Economics.