Despite the promised advantages, the French government's recent move to raise the retirement age (62 to 64) has not been well received by the population. A similar appalment has been noted toward South Korea's proposal of raising the work time to 69 hours per week. All the bitterness caused raised a legit question; can one handle a career at a moment so close to retirement? Are global labor shortages a sign that you can start a career overseas at 60?
Are senior expats the new boost for industries?
Being optimistic and willing opens many doors in life. Nothing must stop someone above 60 from finding a job abroad. Countries are actively seeking labor. Even if labor shortages affect all industries, some are more concerned than others, like healthcare, building and transportation sectors. Even without the qualifications required, foreign seniors are regarded as undoubtedly experienced, wise, mature, and respectful of others. All these characteristics are only acquired through time; thus, those over 60 are precious to the international labor market.
Nevertheless, accessing the international labor market isn't that easy for senior expats. Many countries have restricted their worker visa age limit to 60 years old. It is the case for Canada, Australia, Japan, Germany, Switzerland, and the US, in favor of a younger workforce. Although being over 60 does not mean being less active, youth seems to be an important criterion in these countries. Still, youth must not be associated with perfection or quality. If most countries prefer young workers, it's only because they plan for the long term. A lot of countries are currently facing a demographic crisis, and they fear for their economies and industries. They are therefore prioritizing young workers hoping to improve demography.
Although demographic decline justifies the need for young workers, it does not explain the dismissal of senior applicants. Companies are looking for employees aged 60 and over to boost their growth. Some countries are even working on special regulations to hire skilled senior workers.
Where should you move to start a career at 60?
Can you guess what Kiran Mazumdar-Shaw (founder of Biocon), Bernard Arnault (CEO of LVMH), Oprah Winfrey (talk show host, television producer, actress, author, and media proprietor, book reviewer), Cher Wang (co-founder and leader of High Tech Computer Corporation) and Robert Frederick Smith (founder and leader of Vista Equity Partners) have in common? They are all over 60 and are still active, with prosperous activities generating millions (and even billions). So working over 60 is not a big deal for these businesswomen and men. They bring a new vision to the professional world, focusing on skills and respect for others.
Hiring seniors for these qualities is not just a choice for countries, but it's also a matter of urgency, considering the increasingly aging population. Today, living longer and healthier is an incentive for companies to hire seniors depending on their occupation. Instead of being a burden, they are indeed an asset to the economy.
Senior expats in Oman expected to uplift the economy
One of Oman's recent strategic moves was to cancel the age limit for foreign employees. Since January 2022, the Sultanate of Oman declared that foreigners could stay professionally active beyond 60. In fact, companies are not willing to see the expertise of their foreign senior employee leave yet, which they consider very crucial for the economic growth of Oman.
United Arab Emirates wants to preserve skills
In the United Arab Emirates (UAE), the legal retirement age is 60. However, employees can continue working for a company until they are 65, and the employer must obtain a special permit for their senior workers, approved by the Ministry of Human Resources in accordance with the Emiratisation law (MOHRE). Decree Law No. 33 is ambiguous concerning the retirement age for expats in the UAE. Foreigners holding a leading position in their work sector can keep working beyond the age of 60, including some employees as well. A prior 1989 stipulation from the government expressed that skilled to highly skilled foreign workers were already allowed to work in the UAE beyond the age of 60. Having the right qualifications and skills as an expat is truly what matters the most for this business-orientated country.
Belgium provides support for senior workers
In 2012, companies in Belgium started to operate the senior workers plan, part of Europe 2020, a growth strategy aiming for more senior workers in companies. One of the priorities of this strategy was to ensure a participation rate of 50% of workers aged 55 to 65 in companies. Therefore, each company with 20 or more employees is encouraged to hire more workers over 45. In addition, some regions of Belgium are providing a grant to promote employment for seniors. For example, in Flanders, the quarterly employers' fee is reduced by 600 euros when the company hires a worker aged 59 and over. This deduction can reach up to 1,500 euros for the employment of workers beyond 61. Wallonia offers 400 to 1500 euros deduction for the employment of workers aged 55 and above. Finally, Brussels proposes cutting off 1000 euros on employer's fees when hiring workers aged 57 and over.
Other countries to consider when you're over 60
Other parts of the globe encourage people over 60 to stay professionally active, including the US, France, Australia, Japan, Switzerland, Canada, Mexico, and Germany. Nevertheless, not all job sectors are concerned. The companies recruiting senior expats are very specific. This is another thing that the world's wealthiest seniors stated above have in common; they are all involved in IT, cosmetics, finance, luxury industries, or health. It's difficult for a senior expat who is not an expert in those sectors to plan a career in Oman or the UAE. To be sure of retaining only the wealthy expats, these countries even established a minimum revenue requirement.
Inequalities faced by senior expat workers
When you have reached 60, work is not always an activity you want to pursue, but some people are compelled to do it because of how low their retirement allowance is. It's unfair that only some professional categories are preferred when hiring seniors. A 2022 report by OCDE showed that 52% of South Koreans aged 66 were living below the poverty threshold. 66% of senior Koreans are forced to continue working until 70 or even 80 because they cannot rely on their retirement allowance only, accepting side jobs like garbage collection or package deliveries. Economists believe that this is not a healthy situation for South Korea.
Companies don't always observe the law. When the French government proposed raising the retirement age, it caused many tensions. At the same time, Eurostat shared its numbers, which showed that only 55,9% of seniors aged between 55 to 64 were employed in the country. This is not much compared to 72,2% in Denmark or 76,9% in Sweden. Senior workers have been and are still strongly stereotyped in France. In 2022, old age was considered the 2nd cause for being discriminated against at work after social status. It is very common not to be accepted for a job when you are over 55.
However, many companies in France and elsewhere want to welcome senior employees. Job offers' requirements often involve supporting younger workers and contributing to the company's growth. Some retail industries even hire senior salespersons for customers to feel more cared for. Not to mention that a lot of other sectors, such as digital, trade, health, counseling, or accounting, need qualified people like seniors.
