Nine out of ten Belgian workers want to retire before turning 66, the current minimum age to receive full benefits, according to the results of a recent study. Under half of respondents, however, expect to be able to do so.
The study was carried out by Leuven-based research agency Indiville, using a sample of 600 employers and 2,000 workers in the private sector, for Belgian HR services company Acerta.
Acerta's study found that 92% of workers in the country do not wish to work beyond the current minimum age, which was raised from 65 to 66 last year and will increase to 67 in 2030. Meanwhile, 41% of respondents were even hoping to retire before the age of 59.
These figures are a marked increase on the 80.5% who, two years ago, indicated that they did not intend to stay in work past 65, the previous minimum age at which workers could receive a full pension.
Younger workers hoping to retire earlier
A breakdown of results by age brackets shows that younger workers intended to retire earlier than their older colleagues. Just over half of those surveyed in the 18-35 group were looking to leave the professional world before they turn 60. Among workers aged between 35 to 46, the figure drops to 45.6%.
Workers over 55, on the other hand are more willing to continue working until the new minimum age. Under one in five (18.8%) in this age bracket said that they wanted to retire by 59, while 67.4% indicated that they intended to continue working until reaching 66.
A majority across all age groups, however, were resigned to having to extend their careers into their mid-sixties. Overall, only 44% of respondents believed that they would have the chance to retire by 66.
Nearly two-thirds of workers aged between 36 and 45 were accepted that they would be working beyond the age of 65, even though only 5.7% wished to do so. Similarly, 61.5% of those in the 18-35 bracket said that they expected to work past 65, but only 7% would be doing so willingly.
Belgians not sold on 'bonus-malus' system
In recent weeks, the Federal Government has been pushing ahead with a much-contested pension reform as part of its efforts to control the country's finances.
The so-called Arizona coalition is notably looking to introduce a 'bonus-malus' system, which penalises early retirement and rewards longer careers. The Planning Bureau has estimated that the reform will cut spending on pensions, but will also lead to higher poverty rates and greater inequality.
The results of Acerta's survey showed an overall opposition across the board to the 'bonus-malus' system. Seven out of ten workers were against lower pensions for workers who choose to take an early retirement, a figure which rises to three-quarters of respondents among those aged over 55.
Just over half (52.1%) across all the age groups, meanwhile, did not intend to make use of the 'bonus' system. Among workers aged over 55, as many as seven out of ten respondents were unconvinced by the prospect of working longer to obtain the advantages for working past the minimum retirement age.
"We advise employers to consider how their workers feel about extending their careers," concludes Laura Couchard, a legal expert at Acerta.
"The key is in the nature of the work: if a job allows sufficient scope for freedom, practicality and flexibility, working for longer can genuinely become an attractive option. For example, that could mean adapting work duties, a new job description, or a different role within the same company or another company, through shared staffing."
