Australia jumped five places to 15th in OECD rankings for employment of mature age workers, buoyed by the Federal Government's efforts to increase participation and supporting our ageing demographic, PwC Global People Business leader Jon Williams said today while launching the latest results in the Golden Age Index.
"While Australia is in the middle of the pack moving from 20th to 15th place among the 34 nations, New Zealand continues to excel, maintaining its second place behind Iceland," Mr Williams said.
"If Australia could match New Zealand's mature age employment rate, Australia could generate an annual average increase of $24 billion in nominal GDP."
Mr Williams said the PwC modelling based on Federal Treasury's Intergenerational Report which projects the economy out to 2050, shows that increasing participation among mature age workers to New Zealand levels will at that time:
Other findings from the latest Golden Age Index are:
"Employing more mature workers doesn't block the path for younger workers, it actually makes our nation stronger, as more workers generates more demand and therefore more jobs in the economy," Mr Williams said.
"However we need to change our social bias toward older workers to allow this to happen.
"We are stuck in a cradle to grave model of career progression with a stigma towards changing careers and taking a step back.
"Treasurer Joe Hockey's appointment of Susan Ryan AO as the first Ambassador for Mature Age Employment is a great step forward.
"It's pleasing to see the Federal Government's commitment to a group of workers that are sometimes overlooked.
"The new Ambassador position is on top of the $10,000 Restart Wage subsidy for employers and mature age job seekers announced in this year's budget.
"Businesses who make better use of the skills and experience of older workers gain a real competitive advantage at a time when their customer bases are also ageing."
© 2015 PricewaterhouseCoopers. All rights reserved. PwC refers to the Australian member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.
PwC Australia helps organisations and individuals create the value they're looking for. We're a member of the PwC network of firms in 157 countries with close to 184,000 people. We're committed to delivering quality in assurance, tax and advisory services.
© 2017 - Tue Feb 19 07:37:33 UTC 2019 PwC. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details. Liability limited by a scheme approved under Professional Standards Legislation.