RETURN OF THE RETIREES
Many seniors who are mentally agile and physically fit, are rolling up their sleeves to get back to work in companies that are looking for experienced hands
Priya.Menon@timesgroup.com 27.05.2018
Narayanan has worked close to 40 years as a mechanical engineer. But when the 63-year-old came across an initiative that helps retired senior citizens find a second career, he was quick to respond. The former deputy general manager is willing to shift from Bengaluru, where he is based, to wherever work takes him.
“I am healthy, have worked hard all my life and find sitting idle at home difficult,” says Narayanan. “I am financially sound and doing a small-time job with a partner but am looking for a fulltime job. I love meeting people and keeping myself busy.”
As life expectancy increases with better healthcare, India is seeing the rise of a new unemployed class – senior citizens who are mentally agile, physically fit and seeking to start a new career along with a new phase of their lives. Equipped with a lifetime of skills and a treasure trove of experiences, it is an aspiring workforce that is waiting to join the ranks. And a few startups and companies are looking at harnessing the untapped potential and make their silver innings golden.
An all-India survey by HUM Communities, an online community-based job platform dedicated to finding and creating job opportunities for the elderly showed that of the 2,943 people interviewed, 80% of the men and 55% women, who had worked at some point in their lives, were open to new ventures.
Greying populations are a challenge for several countries, and many have upped the age of retirement. Japan has approved plans for raising the optional age for drawing public pension to 71 or older as the country is facing labour shortage, increasing welfare cost and an aging population. Japan will also consider raising the mandatory retirement age to 65 from 60 for some 3.4 million civil servants.
In India, the age of retirement for central government employees is 60 while it is 58 in the private sector. “There is a large pool of retired Central government employees, who have vast experience and their skills are not being utilised,” says Chennai-based Commodore (retd) D Seshagiri Rao.
Rao, a mechanical engineer, spent 21 years in the Indian Navy, then joined the merchant navy and later worked for multiple companies abroad. “When I retired at 63, I had no contacts in India as I had spent many years working abroad and wasn’t able to find work here,” says the 71-year-old.
While working after retirement has its financial benefits, many are also looking at the psychological pluses and are not particular about pay or post, and some of them don’t mind part-time work. J Ranganadham, 69, a chartered accountant, says he wants to continue working on an assignment basis. “I retired six months ago but have the skill and energy to work for some more years,” he says. “Now, 60 is considered young, and often people are fit enough to work till 65. But maybe because some industries want to provide opportunities to the younger generation, they are making older people retire soon.”
A few companies have discovered the latent market. P R Manikantan, chief HR and training officer, Tevel Cyber Corps Private Limited, a city-based cyber security startup, says they are in need of technical people who can work as consultants. “We do have multiple opportunities for seniors, we employ them as they have skill and experience and it is also a cost-effective means to tap talent,” he says.
V Muthuswamy, executive, who looks after marketing and HR at Ultramax Hydrojet Pvt Ltd, is on his second innings at work. “I retired as an administrative officer and joined this company,” he says. “I am now 70, hale and hearty and still working.”
His company prefers hiring seniors. “The management prefers retired people as they are free of personal encumbrances, are focussed on work, and won’t spend most of their time on cellphones like younger people do,” says Muthuswamy, who handles both the HR and marketing divisions.
Now, 60 is considered young and often people are fit enough to work till 65
J Ranganadham | RETIRED CHARTERED ACCOUNTANT
NEW WORKFORCE: R Manikantan, chief HR and training officer, Tevel Cyber Corps Private Limited, says they hire seniors as they have skill and experience
Many seniors who are mentally agile and physically fit, are rolling up their sleeves to get back to work in companies that are looking for experienced hands
Priya.Menon@timesgroup.com 27.05.2018
Narayanan has worked close to 40 years as a mechanical engineer. But when the 63-year-old came across an initiative that helps retired senior citizens find a second career, he was quick to respond. The former deputy general manager is willing to shift from Bengaluru, where he is based, to wherever work takes him.
“I am healthy, have worked hard all my life and find sitting idle at home difficult,” says Narayanan. “I am financially sound and doing a small-time job with a partner but am looking for a fulltime job. I love meeting people and keeping myself busy.”
As life expectancy increases with better healthcare, India is seeing the rise of a new unemployed class – senior citizens who are mentally agile, physically fit and seeking to start a new career along with a new phase of their lives. Equipped with a lifetime of skills and a treasure trove of experiences, it is an aspiring workforce that is waiting to join the ranks. And a few startups and companies are looking at harnessing the untapped potential and make their silver innings golden.
An all-India survey by HUM Communities, an online community-based job platform dedicated to finding and creating job opportunities for the elderly showed that of the 2,943 people interviewed, 80% of the men and 55% women, who had worked at some point in their lives, were open to new ventures.
Greying populations are a challenge for several countries, and many have upped the age of retirement. Japan has approved plans for raising the optional age for drawing public pension to 71 or older as the country is facing labour shortage, increasing welfare cost and an aging population. Japan will also consider raising the mandatory retirement age to 65 from 60 for some 3.4 million civil servants.
In India, the age of retirement for central government employees is 60 while it is 58 in the private sector. “There is a large pool of retired Central government employees, who have vast experience and their skills are not being utilised,” says Chennai-based Commodore (retd) D Seshagiri Rao.
Rao, a mechanical engineer, spent 21 years in the Indian Navy, then joined the merchant navy and later worked for multiple companies abroad. “When I retired at 63, I had no contacts in India as I had spent many years working abroad and wasn’t able to find work here,” says the 71-year-old.
While working after retirement has its financial benefits, many are also looking at the psychological pluses and are not particular about pay or post, and some of them don’t mind part-time work. J Ranganadham, 69, a chartered accountant, says he wants to continue working on an assignment basis. “I retired six months ago but have the skill and energy to work for some more years,” he says. “Now, 60 is considered young, and often people are fit enough to work till 65. But maybe because some industries want to provide opportunities to the younger generation, they are making older people retire soon.”
A few companies have discovered the latent market. P R Manikantan, chief HR and training officer, Tevel Cyber Corps Private Limited, a city-based cyber security startup, says they are in need of technical people who can work as consultants. “We do have multiple opportunities for seniors, we employ them as they have skill and experience and it is also a cost-effective means to tap talent,” he says.
V Muthuswamy, executive, who looks after marketing and HR at Ultramax Hydrojet Pvt Ltd, is on his second innings at work. “I retired as an administrative officer and joined this company,” he says. “I am now 70, hale and hearty and still working.”
His company prefers hiring seniors. “The management prefers retired people as they are free of personal encumbrances, are focussed on work, and won’t spend most of their time on cellphones like younger people do,” says Muthuswamy, who handles both the HR and marketing divisions.
Now, 60 is considered young and often people are fit enough to work till 65
J Ranganadham | RETIRED CHARTERED ACCOUNTANT
NEW WORKFORCE: R Manikantan, chief HR and training officer, Tevel Cyber Corps Private Limited, says they hire seniors as they have skill and experience
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