Survey: 1 in 10 retirees returning to work
Almost one in ten retirees have returned to work because of economic conditions, according to a new survey.
The survey, conducted by Narrative Research between August 27 and September 11, showed that an identical proportion reported that it applied to someone else in their household.
“It is clear that Bermuda residents continue to face challenging economic conditions due to inflation and other pressures, including the high cost of living,” said the survey.
Douglas De Couto, the Shadow Minister of Finance, said the One Bermuda Alliance was “unsurprised” by the survey results.
“Thanks to our extensive canvassing and community engagement, our candidates and MPs have known for a long time that many in Bermuda have been struggling to make ends meet,” he said.
“Unfortunately, this is particularly true for our seniors, whether retired or not. They are stuck choosing between the costs of health insurance, energy, food, and medicine, among others.
“This is an unfortunate and longstanding trend over the past few years.”
Dr De Couto claimed that the Government “continues to avoid dealing with the underlying issues such as pensions reform”.
“Instead, they’ve claimed to ‘help’ seniors by incentivising them to go back to work. All this while taking credit for what they perceive as a ‘good’ economy.”
He added: “An OBA government will tackle the fundamental issues facing Bermuda such as the cost of healthcare, and rebooting the local economy, not just international business.
“We know that everyone in Bermuda should have the means to live a dignified life with adequate healthcare, housing and food. That’s our vision for a better Bermuda.”
As part of the Bermuda Omnibus Survey, Narrative Research asked whether retired residents had returned to work as a result of the economic conditions on the island.
Almost one in ten reported returning to work after having been retired, and an identical proportion reported that it applied to someone else in their household.
In addition, 24 per cent of Bermuda residents reported that they had taken on a side hustle or a second job in the past year, virtually unchanged from 18 months ago.
Those who have taken on a side hustle or second job were more likely to include those with household incomes of less than $150,000, and those aged 35 to 54, the survey showed.
The survey involved 400 adult Bermuda residents who were contacted by telephone and allows for a statistical margin of error to within ± 4.9 percentage points, 95 out of 100 times.
A spokeswoman for the Ministry of Economy and Labour acknowledged the “economic challenges facing Bermuda, especially among our seniors”.
She went on to say: “That's why we've taken decisive action, introducing many programmes that address the economic pressures, including payroll tax rebates, pension increases and the creation of affordable housing, all aimed at easing financial burdens and improving the quality of life for Bermuda residents.
“Furthermore, the Bermuda Government encourages individuals over 65 to remain in the workforce.
“Bermuda's job market is facing significant challenges due to an ageing population and a shrinking pool of workers.
“This situation has led to labour shortages and increased pressure on the pension and healthcare systems.
“With fewer young people entering the workforce, filling job vacancies has become more difficult.
“Retaining the valuable experience and skills of older adults is crucial.
“This not only ensures financial stability and social engagement for this demographic but also benefits the wider community.
“Our vision is simple — building a fairer Bermuda that ensures every Bermudian can live with dignity, with access to quality healthcare, secure housing and enough food.
“We remain committed to achieving this through bold policies and strong community support.”
The Progressive Labour Party responded to the Opposition’s comments, accusing it of politically exploiting the issue and glossing over its own record in government.
The PLP said it was “deeply concerned about anything that negatively impacts our seniors and diminishes their quality of life”, highlighting its series of pension increases to keep up with inflation — while the OBA “increased pensions only once in their entire term on the eve of an election”.
“The PLP is building a fairer Bermuda for Bermudians, and the combined opposition is for the economic haves and have-mores.”
The governing party said it had cut taxes for 86 per cent of Bermudians while ensuring that “the richest among us could contribute a little more”.
“When the OBA were last in power, they increased taxes on working Bermudians to the highest level in our history.”
The Opposition was accused of attempting to “divide and distract from their record of failure”.
• Are you a retiree who has had to go back to work? Do you live in a household where someone who retired has gone back to work? Tell us what you think. E-mail news@royalgazette.com
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