NEW YORK, Nov. 18, 2003 – The majority (55%) of employees surveyed over the age of 50 say they plan to continue working in some capacity after they reach retirement age, according to a just-released survey conducted for The New York Times Job Market. The post-retirement activities cited by survey respondents include working in a volunteer capacity (38%), working on a part-time basis in their current field (28%) or another field (23%), working as a consultant (22%) and returning to school or beginning a new career (14%).

Beta Research Corporation, on behalf of The New York Times Job Market, conducted telephone interviews with 250 hiring managers and 200 full-time workers over the age of 50 in the New York metropolitan area.

Workers who plan to work past age 65 cited a variety of motivating factors for doing so:

Motivating Factors to Remain in Workforce During Retirement Years
Enjoy working - 69%
Find meaning in my work - 66%
Not financially prepared to retire - 50%
Will miss social contact of going to work - 47%
Prefer extra income - 40%

By gender, women are more likely than men to plan to continue working during their retirement years, citing a belief that they would miss the social contact (59% vs. 28%) and noting that they find meaning in their work (73% vs. 55%).

Pension Benefits
According to the survey, financial needs appear to play an important role in keeping people in the workforce during their retirement years. Seven-in-ten (71%) workers over age 50 say they will receive a pension when they retire from their current jobs. However, when asked how adequate their pension benefits would be upon retirement, many employees (54%) said they would be somewhat adequate, very adequate (24%) or not at all adequate (23%).

Hiring managers also appear to recognize this issue. When asked how adequate they thought their company's pension plans would be in meeting their employee's retirement needs, many hiring managers (51%) said somewhat adequate or not at all adequate (38%). This was clearly more of a problem for smaller companies. Among hiring mangers in companies with 100 or fewer employees, 37% think their company's pension plans will not be adequate for their employee's retirement needs; only 17% of hiring mangers in companies with more than 100 employees held the same view.

About Job Market
Job Market, the print and online recruitment services offering of The New York Times, provides employers and job seekers with comprehensive resources to streamline the recruitment process. Job Market appears in The New York Times every Sunday and is updated throughout the week at NYTimes.com, where job seekers can find job listings, career-related Times articles, exhaustive company research, a résumé database and valuable career resources.

Through the newspaper's national audience, which includes 5.0 million weekday readers and 5.5 million Sunday readers as well as the 1.4 million readers who visit NYTimes.com every day, The New York Times Job Market reaches a marketplace of high-quality professionals actively seeking new job opportunities or considering career moves.

Each week, The New York Times Job Market issues research on industry trends and workplace practices affecting employers and job seekers in the metropolitan New York region. On a monthly basis, The New York Times Job Market releases its Job Market Confidence Index. The Index tracks current conditions for recruitment in the New York metro area as well as future outlook for the coming six months. Copies of Job Market research reports are available upon request or at NYTimes.com/jobmarket. New York-based Beta Research Corporation, via random telephone interviews, independently conducts The New York Times Job Market research.

NOTE: Job Market research is not affiliated with the editorial operations of The New York Times newspaper and does not reflect the views of the newspaper or its journalists. Source all references to Job Market research as: The New York Times Job Market.

About The New York Times Company
The New York Times Company (NYSE: NYT), a leading media company with 2002 revenues of $3.1 billion, includes The New York Times, The International Herald Tribune, The Boston Globe, 16 other newspapers, eight network-affiliated television stations, two New York City radio stations and more than 40 Web sites, including nytimes.com and boston.com. For the third consecutive year, the Company was ranked No. 1 in the publishing industry in Fortune's 2002 list of America's Most Admired Companies. In 2003 the Company was named by Fortune as one of the 100 Best Companies to Work For. The Company's core purpose is to enhance society by creating, collecting and distributing high-quality news, information and entertainment.

CONTACTS:
Diane McNulty, 212-556-5244; E-mail: mcnuldc@nytimes.com
Al Leach, 212-556-4483; E-mail: promo8@nytimes.com

This press release can be downloaded from www.nytco.com and www.nytco.com/community