Federal Treasurer Wayne Swan has launched a Deloitte Access Economics Report which found that encouraging over-55s to stay in the workforce could boost Australia’s productivity by $48 billion.
Released at an Australian Human Rights Commission Conference in Sydney today, the report said if participation among workers aged 55 and over was boosted by five percentage points gross domestic product would increase by 2.4 per cent of national income over the next 12 years.
The Treasurer said the government will boost participation rates through a $100 million spending program over four years.
Earlier this year the government announced a $1000 bonus for hiring long-term unemployed older people.
The government also plans to raise the pension age to 67 by 2023.
Federal Age Discrimination Commissioner Susan Ryan said there has been a 44 per cent increase in age related complaints in the past year.
Ryan has called for a “dramatic change in attitude towards older workers [including] the mindset where once someone turns 50 we want to get rid of them”.
As a result of Australia's ageing workforce almost two out of every five workers are 45 years or older.
Melbourne business school Associate Professor of Organisational Behaviour, Isabel Metz, agrees there are barriers that need to be overcome to increase workforce participation by over-55s.
Metz said one of the biggest problems is age discrimination particularly toward women.
She said organisations are missing out on tapping into an extraordinary talent base.
In addition to her research interests in human resource management, Metz currently serves on a number of committees for careers, gender and diversity in organisations.
Wayne Swan
