yorkregion.com – December 7, 2006.
By Patrick Mangion
(York Region) - Ontario is one of the few remaining provinces where employers can hand workers their walking papers when they turn 65.
But that's about to change next week.
Effective Tuesday, mandatory retirement will be lifted.
The news is long overdue for Barry Witkin.
He started Prime 50, a web-based job search service for older workers.
"Employers need to recognize that the older worker is valuable for their experience, knowledge, skill and expertise," he said.
Dr. Henry Barnett, 84, has been credited with reducing the risk of suffering a stroke by discovering the value of taking aspirin regularly.
The King City resident conducted some of his most meaningful research in his '60s and '70s. He said it would have been a shame if he was prevented from continuing his work in the medical field.
"(Early retirement) would have been a terrible waste for me," he said.
"If you're well physically and mentally, why not?"
Prior to the legislation coming into effect next week, employers could force employees to retire at 65.
While workers 65 and older will be able to continue to work, it is up to an employer if the company will continue to offer senior employees benefits.
But workers will be covered through government benefits, such as the Ontario Drug Plan.
The business community will be given a one-year transition period from the time the legislation takes effect.
That time can be used by employers to revise compensation plans and reward systems for senior workers, Mr. Witkin said.
"Employers will need to create benefits for the older worker by introducing workshops that affect their work and personal issues," he said.
Some experts suggest a gradual reduction in hours to help senior employees transition to retirement on their terms.
The concept of an on-call retiree is also gaining popularity in the business community.
Senior employees can be retained for their expertise for a short period or, perhaps, to help with specific duties or projects.
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RETIREMENT FACTS
- THREE PROVINCES LEFT: British Columbia, Saskatchewan and Newfoundland will be the only provinces left without a partial or complete ban on mandatory retirement;
- 62: Average retirement age in Ontario
- 6: Percentage of Canadians who continue to work full-time past age 65;
- 10 MILLION: The number of Canadian baby boomers approaching retirement;
- 425,000: The number of Canadians retiring each year by 2020;
- 12: Number of months Ontario employers will have for a transition period to optional retirement and;
- 1927: The year the first old-aged pension was introduced in Canada.