Full-time earnings for golden oldies are relatively low

Posted: 25 July 2016 10:25 am

Older worker

But there are plenty of part-time older workers in Australia.

More than half of Aussies aged 55-64 are still working full-time, according to new figures.

PwC released the findings of its latest Golden Age Index. The index measures the impact, performance and labour market contributions of older workers across the globe.

Australia lost a spot in the rankings, moving from 15th in 2013 to 16th in 2014. Scandinavian nations dominated the top of the index, with Iceland leading, followed by Sweden and Norway in third and sixth place respectively.

Our OECD neighbour, New Zealand, fared better. The island nation has improved its ranking significantly over the last 10 years, rising from ninth place in 2003 to second in 2014.

Australia's full-time equivalent employment rate for people aged 55-64 was 52% in 2014. For people over 65 the rate was 7%.

The proportion of older Australian workers in part-time employment was even higher, ranking sixth on the index.

Australia ranks among the bottom third of countries with full-time earnings of Aussie workers aged 55-64 relative to that of 25-54 year-olds.

The report suggests governments can support and encourage older workers by facilitating later retirement and improving employability through additional training, pension reforms and financial incentives.

Businesses can improve age diversity in the workplace by adopting flexible working policies and expanding training initiatives, such as apprenticeship schemes for older workers.

If you're in the midst of preparing for retirement, we've got some insightful tips and strategies to consider which may help to boost your superannuation investment.

Picture: Shutterstock

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