Australia’s mature-age workforce is on the up and up, with the latest Treasury calculations showing that the nation’s employers are increasingly retaining more older workers.
New employment and participation rate figures, released by federal Treasurer Wayne Swan at a conference in Sydney yesterday, reveals a steady growth in employment and participation rates among people aged 55 to 64 years over the last 10 years, with the largest increase recorded over the last three.
“Between May 2002 and May 2012, the labour force participation rate for those aged 45 to 64 years increased by 6.2 percentage points to 73.9 per cent,” Mr Swan told the Open Mature Age Employment conference.
The latest figures portray a national labour market where more older employees are being retained by employers, choosing to stay in the workforce and able to hold down a job.
CEO of National Seniors Australia, Michael O’Neill, said the new Treasury figures were “encouraging”.
“For far too long, participation rates [for this cohort] have been at really low levels and there has not been adequate growth at all,” Mr O’Neill said…
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