Malcolm Hamilton

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Malcolm Hamilton Powered By Docstoc
					             June 14, 2007 – CPBI, Winnipeg

             Has Retirement Outlived
             Its Usefulness?


Malcolm Hamilton
Toronto
        The papers are filled with stories
        about the demise of retirement as we
        know it…

                                                                   Fidelity
                                                                Investments




               BMO Podcasts


                                   Marty Sims
                                   EVP, HSBC

Mercer Human Resource Consulting     CPBI Winnipeg Jun14-2007                 2
   “Retirement: it‘s a word without meaning…
   the current group of retirees and soon-to-be-retirees are
   redefining the way people stop working—if they end their
   careers at all. Statistics Canada studies show more people
   are choosing to work longer.”
                                                                  Toronto Star
                                                                  November, 2006

   “Nearly half of those in their 40s and 50s expect to continue
   working for as long as possible”
                                                                  The Globe & Mail
                                                                  May 23, 2007


Mercer Human Resource Consulting       CPBI Winnipeg Jun14-2007                      3
        Those zany boomers – determined to
        work forever; eager to stay in debt.
   “Canadians told us it was about time to retire
   the word retirement.
   Retirement for this generation is different in
   that it is a more ‗fluid‘ transition. And they
   aren‘t going to wait until they pay off the
   mortgage. About two-thirds of Canadians
   expect they will still be in debt when they quit
   working.”


                               Tina Di Vito,
                               Director of Retirement Solutions
                               BMO Financial Group




Mercer Human Resource Consulting                           CPBI Winnipeg Jun14-2007   4
        Older workers a drain? Not a chance,
        study finds…

      “The HSBC survey found that older Canadians perform
       more than $3.1 billion worth of volunteer work each year”
                                       The Globe & Mail
                                       May 23, 2007

      “According to Statistics Canada‘s 1998 General Social
       Survey on time use, 3.2 million retirees spent about 5
       billion hours doing unpaid productive work. The economic
       value to our communities is thought to be $60.2 billion
       each year.”
                                       Seniors at Work
                                       National Advisory Council
                                       on Aging, 2005


Mercer Human Resource Consulting        CPBI Winnipeg Jun14-2007   5
        Worried about population aging?


   “In fact, through taxation, volunteer work and the
   provision of care to family members, HSBC has
   found that those in their 60s and 70s are the
   foundations upon which their nations build.”
                                        The Globe & Mail
                                        May 23, 2007




Mercer Human Resource Consulting   CPBI Winnipeg Jun14-2007   6
        The secret life of Canada’s senior
        citizens…




Mercer Human Resource Consulting   CPBI Winnipeg Jun14-2007   7
        Seniors have half the income of
        working Canadians, yet they appear to
        be doing quite well…




Mercer Human Resource Consulting   CPBI Winnipeg Jun14-2007   8
        According to recent studies…


      Poverty rates for Canadian
       seniors are among the lowest in
       the world
      Poverty rates for Canadian
       seniors are substantially lower
       than poverty rates for other age
       groups




Mercer Human Resource Consulting   CPBI Winnipeg Jun14-2007   9
        Canadian seniors are frugal, not poor.

 They…
    save prodigiously
    give more to others than they
     receive from them
    spend less and less as they age, even
     as their gift giving and savings increase
    spend relatively little time in institutions
    leave surprisingly large estates

Mercer Human Resource Consulting      CPBI Winnipeg Jun14-2007   10
        Surveys suggest that…


      seniors are relatively satisfied
       with their financial
       circumstances
      they worry more about health
       and loneliness than money
      they believe that their quality of
       life is better than the quality of
       life enjoyed by their children or
       grandchildren

Mercer Human Resource Consulting      CPBI Winnipeg Jun14-2007   11
        Surveys also suggest that…

      the transition into retirement is
       easier than people expect
      retired Canadians feel that they
       have more control over their
       lives than working adults and
       value the additional leisure time
      retired Canadians miss work,
       and the employment income
       derived therefrom, less than
       they thought they would

Mercer Human Resource Consulting      CPBI Winnipeg Jun14-2007   12
       To understand why seniors are
       satisfied with small incomes while
       boomers are dissatisfied with large
       incomes, one must look not at the
       incomes, but at the demands placed
       upon them…




Mercer Human Resource Consulting   CPBI Winnipeg Jun14-2007   13
          When you look at both incomes and
          expenditures, seniors enjoy a standard
          of living comparable to working
          families, without having to work…
                                      Median Working                           Median Senior
                                       Age Couple                                 Couple
    Income                                 $69,700                              $35,600
    Taxes                                   (18,600)                              (5,000)
    Mortgage                                 (6,100)                               (200)
    Retirement Savings                       (6,100)                                  (0)
    Dues and Daycare                         (1,000)                                  (0)
    Provision for Children                   (9,800)                                  (0)
    Adult Consumption                      $28,100                              $30,400(1)
                                        Source: 1997 Survey of Consumer Spending;
                                                         probably 30% higher today
    (1)   Seniors saved or gave away about $6,000 of this

Mercer Human Resource Consulting                    CPBI Winnipeg Jun14-2007                   14
          and seniors exhibit a higher level of
          satisfaction with their lives than
                   people…
          working Percentage of Canadians Reporting
                           Percentage Satisfaction with Their Lives
                           High Levels of of Canadians Reporting
                   High Levels of Satisfaction with Their Lives
   40%

   38%

   36%

   34%

   32%

   30%

   28%

   26%

   24%

   22%

   20%
         20           30           40         50                60                   70   80
                                              Age

                                           Aging Well: Time Use Patterns of Older Canadians
                                                                                  July, 2006


Mercer Human Resource Consulting                          CPBI Winnipeg Jun14-2007             15
        Finally, despite the HSBC’s
        protestations, seniors are not large
        contributors to paid or unpaid work…
      Seniors account for
        – 17% of the adult population
        – 3% of the workforce
        – 2% of employment income

      the average senior spends about 0.5 hours per
       day on volunteer work, virtually the same as the
       average non senior



Mercer Human Resource Consulting   CPBI Winnipeg Jun14-2007   16
        Despite living longer, Canadians are
        retiring earlier…

                                     Average Retirement Age
                                   Late 1970s                         2000 to 2004

    Public Sector                     65                                  58.6
    Private Sector
     Employees                       65                                  61.8
     Self Employed                   65                                  65.1
    Overall                           65                                  61.1
                                                                      Statistics Canada

Mercer Human Resource Consulting           CPBI Winnipeg Jun14-2007                   17
        And the smarter they are, the earlier
        they retire…

           Highest Level of             Average Retirement
        Educational Attainment            Age: 2000-2004
            Elementary School                                 64.8
            Some High School                                  63.0
            High School Graduate                              60.3
            Some Post Secondary                               60.6
            University Graduate                               59.4

                        Overall                               61.1
                                                               Statistics Canada


Mercer Human Resource Consulting   CPBI Winnipeg Jun14-2007                    18
        Once they stop working, what do
        elderly Canadians do with their spare
        time?




Mercer Human Resource Consulting   CPBI Winnipeg Jun14-2007   19
       Canadian men over the age of 75
       did 4.4 hours per day less paid work
       than Canadian men between the ages
       of 55 and 64. The extra time was spent
       as follows…
                                                                                 Hours Per Day
                                   Watching TV                                       1.2
                                   Other and “Unreliable”                            1.1
                                   Sleep                                             1.0
                                   Leisure                                           0.5
                                   Housework & Shopping                              0.4
                                   Eating                                            0.3
                                   Volunteer Work                                   (0.1)
                                                                                     4.4
                                    Aging Well: Time Use Patterns Of Older Canadians,
                                                                            July 2006
Mercer Human Resource Consulting                      CPBI Winnipeg Jun14-2007                   20
        Good health is the characteristic that
        has the greatest influence on
        satisfaction. Among healthy older
        Canadians, those who were highly
        satisfied spent…
      less time working (paid and unpaid)
      more time watching TV, sleeping and in active
       leisure
   The differences, however, were not large




Mercer Human Resource Consulting   CPBI Winnipeg Jun14-2007   21
        But what of the future?



           Will retirement be redefined or will people
           simply retire earlier or later depending on
                      what they can afford?




Mercer Human Resource Consulting      CPBI Winnipeg Jun14-2007   22
        To change retirement patterns, or the
        meaning of retirement, several things
        must happen…
      people must be capable of working longer,
      people must want to work longer, and
      employers must want to attract and/or retain older
       workers.

                     Are these things
                    about to happen?



Mercer Human Resource Consulting        CPBI Winnipeg Jun14-2007   23
                             Can People Work Longer?




                 Aging, Longevity and Retirement

Mercer Human Resource Consulting        CPBI Winnipeg Jun14-2007   24
        “100 Year Olds Bust Ad Myths”
                                   Calgary Herald, September 10, 2006




Mercer Human Resource Consulting                     CPBI Winnipeg Jun14-2007   25
        Jeanne Calment – the Oldest Known
                         Human




                                   1875 – 1997


Mercer Human Resource Consulting             CPBI Winnipeg Jun14-2007   26
         What is aging?


        20 years of maturation
        60 years of senescence(1)

   (1)   the process of gradual physical and
         mental deterioration as people age




Mercer Human Resource Consulting               CPBI Winnipeg Jun14-2007   27
        What we read...


   ―Thanks to modern medicine
      and better nutrition, old
   people are not getting old as
    quickly as they used to. The
   idea of settling into a rocking
     chair the day you turn 65
     doesn‘t appeal to today‘s
      active senior citizens…‖




Mercer Human Resource Consulting     CPBI Winnipeg Jun14-2007   28
        What we learn in the real world…


         “There are no lifestyle changes, surgical
         procedures, vitamins, antioxidants,
         hormones or techniques of genetic
         engineering available today that have
         been demonstrated to influence the
         process of aging.”
                              Position Statement On Human Aging




Mercer Human Resource Consulting               CPBI Winnipeg Jun14-2007   29
        Why are people living longer?


      Because better nutrition, public health, a reduction
       in warfare and advances in the treatment of
       disease have allowed people to live longer.
      NOT because the aging process has been
       retarded or reversed.




Mercer Human Resource Consulting    CPBI Winnipeg Jun14-2007   30
        Put another way,


      we have prolonged life by more than we have
       prolonged the onset of old age.




Mercer Human Resource Consulting   CPBI Winnipeg Jun14-2007   31
        The question…


      should retirement be tied to longevity or to
       senescence?




Mercer Human Resource Consulting    CPBI Winnipeg Jun14-2007   32
        Of course, boomers want to believe
        that they, unlike earlier generations,
        are not growing old…
      and there is no shortage of people who are
       prepared to tell them what they want to hear.




Mercer Human Resource Consulting   CPBI Winnipeg Jun14-2007   33
        What we read…



                                   ―I‘ve seen a huge change over
                                   the last few years. When I
                                   started at this job 25 years ago
                                   most of the patients were in their
                                   60s and 70s. Now there are
                                   days when I don‘t see anyone
                                   under 90.‖
                                                                     Dr. Barbara Paris



     September 30, 2006


Mercer Human Resource Consulting          CPBI Winnipeg Jun14-2007                  34
        What we learn in the real world…


   Aging population putting
   pressure on ER, study finds
   “The need for better community health care services
   is increasingly urgent because much of the pressure
   on emergency rooms is due to the rapidly aging
   population, the report noted. People age 75 or older
   have the highest—and fastest growing—rate of
   emergency room visits. Their problems are complex
   and in many cases require hospitalization in
   institutions that are already full to bursting.”
                                                     National Post
                                                     October 3, 2006
Mercer Human Resource Consulting   CPBI Winnipeg Jun14-2007            35
        What we read…



    ―In terms of how people feel and
    what they are capable of, we
    believe that 70 can be said to be
    the new 50.‖
                        The Future of Retirement
                                           HSBC




Mercer Human Resource Consulting                   CPBI Winnipeg Jun14-2007   36
        What we learn in the real world…


                                   ―You always say you don‘t want
                                   to be like your parents but this
                                   particular generation won‘t be
                                   much different from the older
                                   people 40 years ago.‖

                                                                    David Foot
                                                             Hamilton Spectator
                                                                March 1, 2006




Mercer Human Resource Consulting               CPBI Winnipeg Jun14-2007           37
        Changing attitudes – do people really
        want to work past 65, or do others
        want them to believe that they do?




Mercer Human Resource Consulting   CPBI Winnipeg Jun14-2007   38
        What we read…


   “Let workers stay on the job past age 65 – Bank of
   Canada governor.”
                                                              Canadian Press
                                                              March, 2007




Mercer Human Resource Consulting   CPBI Winnipeg Jun14-2007                    39
        What we learn in the real world…


   “I turn 65 next year. I‘m going to take a bit of a
   rest after 40 years of working without a break.”

                                           Dave Dodge
                                           Financial Post
                                           April, 2007




Mercer Human Resource Consulting   CPBI Winnipeg Jun14-2007   40
        What we read…


                                   “In the old days, Don Dewees, 65,
                                   would have been cleaning out his
                                       office and getting ready for
                                    retirement. But in today‟s world,
                                   where 60-somethings are the new
                                    40-somethings, the University of
                                   Toronto professor has no plans to
                                               slow down”.




        December, 2006


Mercer Human Resource Consulting           CPBI Winnipeg Jun14-2007     41
        What we learn in the real world…


   Estimated number of Ontarians
    expected to take advantage of the                               4,000 per annum
    abolition of mandatory retirement
   If each works an extra 5 years, the total
                                                                    0.3%
    increase in Ontario’s workforce
   Extent to which the abolition of
    mandatory retirement is expected to
                                                                    1%
    mitigate the impact of population aging
    during the next 25 years




Mercer Human Resource Consulting         CPBI Winnipeg Jun14-2007                     42
        What we read…



                                   “The boomers are saying,
                                    „I‟m not going to Florida
                                   to sit at the pool and play
                                         cards all day‟.”




     September 30, 2006


Mercer Human Resource Consulting         CPBI Winnipeg Jun14-2007   43
        What we learn in the real world…


      Increase in Florida property prices: 2000 – 2005




      Average price of a single family home in Victoria,
       B.C.: $520,000 in October 2006


Mercer Human Resource Consulting    CPBI Winnipeg Jun14-2007   44
      What we read...




                                   “The trend toward early
                                      retirement, which
                                   peaked in the late 1990s,
                                        has ended…”




       May 29, 2006



Mercer Human Resource Consulting        CPBI Winnipeg Jun14-2007   45
        What we learn in the real world…



                                   Average Age
                                   at Retirement
 Late 1970s                            65.0
 1995 to 1999                          61.0
 2000 to 2004                          61.1
                                     Statistics Canada




Mercer Human Resource Consulting                CPBI Winnipeg Jun14-2007   46
        What we read...



                                          “Baby boomers are
                                       increasingly redefining
                                   retirement, by looking at it as
                                    a career change rather than
                                    an extended vacation plan,
                                         research suggests.”




 September 24, 2005


Mercer Human Resource Consulting         CPBI Winnipeg Jun14-2007   47
     What we learn in the real world…

                                               % of Canadians Who Want
                                               to Spend Time Doing This
                           Activity                                  in Retirement


                           Travel                                         58%
                           Crafts & Hobbies                               48%
                           Family & Friends                               25%
                           Volunteer Work                                 18%
                           Sports                                         14%
                           Continue to Work                                1%
                           Consulting/Small Business                       1%
                                           BMO Retirement Trends Study



Mercer Human Resource Consulting               CPBI Winnipeg Jun14-2007              48
       And, of course, there are many
       examples of people who are working
       for as long as they can…
                  Kirk Kerkorian        Warren Buffett
                  Billionaire               Billionaire
                  90                                76

                  Stephen Jarislowsky    Benedict XVI
                  Billionaire                   Pope
                  80                               80


                  Clint Eastwood            Elizabeth II
                  Actor/Director                 Queen
                  77                                 81

Mercer Human Resource Consulting          CPBI Winnipeg Jun14-2007   49
        Are employers interested in attracting
        and/or retaining older workers?




Mercer Human Resource Consulting   CPBI Winnipeg Jun14-2007   50
         According to a recent survey by
         Manpower Inc.(1)

        “Canadian employers are failing to prepare for the
         looming loss of older workers that will occur as
         the Baby Boomers retire during the next 10
         years.”
        17% have a plan to recruit older workers (50+)
        24% have a strategy for retaining older workers

   (1)    The New Agenda for an Older
          Workforce: April, 2007


Mercer Human Resource Consulting        CPBI Winnipeg Jun14-2007   51
        According to a recent (American)
        study by Boston College’s Center for
        Retirement Research…
      Roughly one half of employers
       might consider steps to retain as
       many as one half of those who
       want to keep working past normal
       retirement age for an extra 3 years.
      “This is not good news. It suggests the possibility
       of a messy and uncomfortable mismatch with
       large numbers of older workers wanting to stay
       on(1) while employers prefer that they do not.”
   (1) Employers believed that 25% of their employees would not be
       prepared for retirement at the normal age
Mercer Human Resource Consulting           CPBI Winnipeg Jun14-2007   52
        What about the “war for talent?”


   “If employers don‘t act                “An aging workforce nearing
   soon they will fail to win             retirement means employers
   the war for talent as older            are having to compete for
   adults will be relied upon             talent as never before.”
   as one of the most                                                    Globe & Mail
   important sources of                                                  March, 2007
   talent for the future
   workforce.”
                          National Post
                          April, 2007




Mercer Human Resource Consulting              CPBI Winnipeg Jun14-2007                  53
        The truth about the “war for talent”…

   there has always been, and
    will always be, a war for talent
   labour shortages today are largely
    dictated by industry not demography
     – no shortage of paper or auto workers
     – shortages of health workers and oil workers

   while the number of children born in Canada each year is
    about 30% lower than at the 1960 peak, the number of
    university graduates has been increasing
   if demography was calling the tune, we would be reading
    about a glut of highly-qualified managers and business
    leaders
Mercer Human Resource Consulting       CPBI Winnipeg Jun14-2007   54
        It is difficult to reconcile the prevailing
        stereotypes of Canadian boomers…

     Stereotype #1
     Bumbling, irresponsible wastrels
     incapable of managing any
     aspect of their personal finances
                                   Stereotype #2
                                   Skilled, experienced workers
                                   essential to the success of
                                   Canadian corporations

Mercer Human Resource Consulting            CPBI Winnipeg Jun14-2007   55
            The boomers’ perception of older
            workers has been changing
    When the boomers were young,
     they viewed older workers as poorly
     educated, unmotivated, overpaid
     impediments to the success of the
     business.
    Now that they are older, they
     perceive older workers (themselves)
     to be well educated, energetic,
     highly motivated, uniquely talented
     dynamos whose continuing
     employment is essential to the
     success of the business.
    Mercer Human Resource Consulting   CPBI Winnipeg Jun14-2007   56
        It is difficult for employers to project
        their manpower needs ten years into
        the future…
      Will the economy grow quickly or slowly?
      Will the business falter or flourish?
      Will there be a shortage of skilled workers,
       or a glut?
      Will skilled workers immigrate or emigrate?
      Will jobs move abroad, or come home?
      Will employees retire early or late?
      Will elderly employees maintain their skills, energy and
       enthusiasm?
Mercer Human Resource Consulting          CPBI Winnipeg Jun14-2007   57
        For all of these reasons…


      It is premature to conclude that most corporations
       will want to attract and retain older workers.
      It is hazardous to commit to a course of action
       that locks corporations into retirement incentives
       or retention incentives for long periods of time.




Mercer Human Resource Consulting    CPBI Winnipeg Jun14-2007   58
        Finally, what about public policy?


      What if employees want to retire and their
       employers want them to retire, but the
       government can’t afford to have them retire?




Mercer Human Resource Consulting   CPBI Winnipeg Jun14-2007   59
      Governments are understandably
      concerned about the trend toward
      longer lives, lower fertility and earlier
      retirement. Who will do the work? Who
      will pay the taxes?…
                                       “Public early retirement schemes should
                                                     be gradually phased out…‖
                                                                            Recent OECD Report
                                          Countries must mobilize “all available
                                   labour reserves in order to sustain economic
                                                                        growth.”
                                                                            Recent OECD Report
             The government of Canada is conducting a review “to ensure that
                      pensions don‘t serve as a disincentive to older workers
                                                 remaining in the workforce.”
                                                       Diane Finley – Minister of
                                   Human Resource and Social Development, 2006

Mercer Human Resource Consulting                 CPBI Winnipeg Jun14-2007                    60
         Bureaucrats advocate incentives to
         head off labour crunch.
                                        Globe and Mail, December, 2006

“Canada needs a new strategy to help older workers stay
on the job until they are ready to retire, one that includes
restructuring the country‘s inflexible pension plans,
government documents say.”

“Optimizing older worker participation is the
best means to offset labour market declines.”


“The bureaucrats in HRSDC who wrote the policy paper say
that the average retirement age within the public sector is
57 (1) and it‘s time to get our own house in order.”
(1)   versus 62 in the private sector
 Mercer Human Resource Consulting           CPBI Winnipeg Jun14-2007     61
        Labour shortage spurs Ottawa to ask
        boomers to work past 65
                                       Toronto Star – January, 2007


   “The federal government is pleading with aging
   boomers to work past retirement to offset a serious
   labour shortage in Canada. ‗We need them‘,
   Human Resources Minister Monte Solberg
   told the Toronto Star yesterday.”

   “It‘s an imperative for the country. We just have to
   do it. The countries that do it will succeed. And if
   we don‘t do it we won‘t. And the truth is, the
   government can‘t do it all.”
                                      Monte Solberg

Mercer Human Resource Consulting       CPBI Winnipeg Jun14-2007       62
        Government concerns are now being
        echoed by others…

   “Governments, private-sector corporations and
   communities in general really need to be mindful of
   this demographic trend, to make sure policies are
   being put in place that allow these older Canadians
   to be as active as they want to be, or are able to be,
   in terms of contributing to society as a whole.”
                                   Marty Sims
                                   EVP, HSBC




Mercer Human Resource Consulting    CPBI Winnipeg Jun14-2007   63
        The slippery slope…


      Allow people to work.
      Persuade people to work.
      Encourage people to work.
      Compel people to work.




Mercer Human Resource Consulting   CPBI Winnipeg Jun14-2007   64
        The federal government appears
        disinclined to lead by example…

      2005 changes to civil service pensions
        – higher contributions
        – higher pensions
        – encourages earlier retirement
      2006 changes to pensions of correctional service
       officers
        – 25 and out (parity with the RCMP)
        – lower member contributions


Mercer Human Resource Consulting   CPBI Winnipeg Jun14-2007   65
        The federal government has a
        formidable challenge…

      Encourage other Canadians to retire after 65
       while federal civil servants retire in their 50s




Mercer Human Resource Consulting     CPBI Winnipeg Jun14-2007   66
        To this end, Canadians are being
        encouraged to believe that…

      unlike earlier generations, they
       are not growing old, and
      continuing employment gives
       meaning to their otherwise
       meaningless lives




Mercer Human Resource Consulting    CPBI Winnipeg Jun14-2007   67
        Conclusions


      As a matter of public policy, Canadians should not
       be expected to retire later simply because they
       are living longer and having fewer children.
      Retirement ages should increase
       if the age up until which older
       Canadians can successfully
       compete for work increases.




Mercer Human Resource Consulting   CPBI Winnipeg Jun14-2007   68
        Predictions…


      Low interest rates and increasing
       life expectancies will make early
       retirement more expensive and
       this will naturally lead to later
       retirement.
      Future generations will retire later
       in part because they had their
       children later.



Mercer Human Resource Consulting     CPBI Winnipeg Jun14-2007   69
        Predictions…


      Most Canadians will continue to want a
       viable option to retire in their early 60s.
      Of those who are able to retire in their
       early 60s, most will choose to do so.
      Retired Canadians will live active and productive lives;
       many may choose to work part time for social or economic
       reasons; however, they will prove a poor substitute for
       young workers.
      Phased retirement makes sense, but individuals are as
       likely to use it to retire early as to retire late.


Mercer Human Resource Consulting           CPBI Winnipeg Jun14-2007   70
        Predictions…


   Most employers will continue to want
    older employees to retire at or before age 65.
   Given their inability to foresee workplace needs 10 years
    in advance, employers will move to “retirement age
    neutral” pension plans and use targeted cash incentives to
    selectively encourage older employees to stay or go as
    the times demand.
   Poorly targeted phased retirement programs, as
    envisioned in the federal budget, will be rejected in the
    private sector in favour of targeted rehiring.


Mercer Human Resource Consulting         CPBI Winnipeg Jun14-2007   71
        Suggestions…



      As regards the merits of persuading Canadians to
       stay in the workforce, governments should shut
       up or lead by example.
      Taxpayers should not be expected to pay 20% or
       30% so public servants can retire in their 50s
       while the federal government looks for ways to
       force/encourage those employed in the private
       sector to retire after 65.

Mercer Human Resource Consulting   CPBI Winnipeg Jun14-2007   72

				
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