Late-Career Psychological Contracts: Retrospective and Prospective Exchange

European policy agendas to extend working lives place growing expectations on employers to retain late-career employees. Situated in three private organizations within Norway’s regulated yet market-exposed private sector, this study examines how employees in the later stages of their careers perceive imbalances in their psychological contracts, considering both their past contributions and perceived opportunities for continued participation. Drawing on qualitative interviews and an abductive analysis, two analytical concepts are developed—Retrospective Exchange Logic (reciprocity interpreted through accumulated contributions and recognition) and Prospective Exchange Logic (reciprocity interpreted through perceived inclusion, future opportunities, and ongoing investment). Perceived imbalances were not primarily attributed to discrete breach events. Still, they were often described as emerging gradually from perceptions that long-term contributions were taken for granted and that opportunities for continued participation had become uncertain. The study advances psychological contract theory by introducing a temporally grounded framework for understanding reciprocity in later career stages. It shows how sustained participation is shaped by organizational actors and practices that acknowledge past investment while fostering credible opportunities for future contribution.