One-third of Quebec workers revise their retirement age upwards after announcement of new government measures respecting the Quebec Pension Plan

According to a recent CROP1 poll conducted for the Ordre des conseillers en ressources humaines agréés after the March 17 announcement of new government measures respecting the Quebec Pension Plan, one-third of Quebec workers (33%) feel the new budget provisions will encourage them to remain in the workforce longer.

Average retirement age could rise by 4 years.
The overall impact of these new provisions, which will penalize those who retire before 65 and benefit those who remain professionally active after that age, is significant.

Prior to the introduction of the new measures, the average retirement age targeted was age 63, compared with today’s figure of 66.7%, which amounts to a difference of close to four years.  

And this percentage could increase since 20% of respondents said they were thinking about changing their retirement age. More specifically, 26% of women respondents aren’t sure whether or not the new provisions will cause them to alter their career plans.  

“Organizations will have to adjust their employee retention strategies to retain older employees. To keep these workers, they’ll have to continue offering them development opportunities and challenges, as well as flexible conditions that take their situation into account,” explained Florent Francoeur, CHRP, president and CEO of the Ordre des conseillers en ressources humaines agréés.”

Many workers reviewing their end-of-career plans
Of those respondents inclined to continue working, 26% said they were now considering retiring after age 70, versus 9% before the new measures were announced. A higher percentage (38%) of workers with annual incomes below $40,000 falls into this group.

On the other hand, while many workers were considering retiring before age 65 prior to March 17, only 6% are now thinking along these lines.

Respondents aged 55 and over are more likely to plan to retire between 66 and 69 years of age (35%).

“The continued presence of more experienced employees on the labour market is a good thing because their know-how can contribute both to organizations’ success and to Quebec’s prosperity,” concluded Francoeur.

Table comparing changes in Quebecers’ retirement plans
before and after
the tabling of the March 17 provincial budget
Respondents reporting they plan to work longer

 

Percentage of workers considering retiring at this age
before the announcement

Percentage of workers considering
retiring at this age
after the announcement

Under 65

45%

6%

65

41%

48%

66 to 69

5%

20%

70 and over

9%

26%

For the CROP-CRHA survey findings, click here (in French only).

About the Ordre
The Ordre des conseillers en resources humaines agréés is the primary reference organization in its field in Quebec. It has a membership of more than 10,000 professionals, candidates and students, including 5,600 CHRPs and 2,400 CIRCs. It is the only human resources organization devoted to the protection of the public authorized by the Professional Code to confer these professional designations. Active in all sectors, CHRPs and CIRCs contribute to the development and maintenance of a healthy working atmosphere and a safe, efficient organizational environment that respects the uniqueness of each and every employee. They also represent employers and employees in various areas of HR management, from labour relations, to staffing, training, occupational health and safety, organizational development and compensation.

1. Sample of 500 respondents active on the Quebec job market. Online survey conducted from March 23 to 25, 2011.