Benefits for older workers less costly than employers think

Flexible options and LTD can protect employers from liability
By Gord Argue and Jerry Loterman
|Canadian HR Reporter|Last Updated: 11/01/2006

Retiring early — even at all — may soon be a thing of the past. Mandatory retirement has been abolished in many parts of the country, most recently in Ontario and Newfoundland and Labrador. Also, many employees won’t be able to afford to retire early, especially if they are part of a defined contribution plan and their investment hasn’t performed well.

Providing benefits for older workers is a concern both employers and employees share. Senior workers may think they will enjoy the same coverage as younger employees, while organizations may automatically assume having an older workforce will drive up benefit costs. Both parties may be surprised.

Flex protects employers: