Superannuation And Other Barriers To Older People Working Need To Go

The older workforce in Australia may now be able to stretch its working life to few more years. A recent report released by the federal government reflects the same. The report titled “Access All Ages – Older Workers and Commonwealth Laws” was created by Australian Law Reform Commission. The commission believes that strict policies on social security and superannuation contribution have discouraged older workforce from continuing their profession after ageing upto 65 years. Many argue that loosing this experienced population is a kind of loss of human resource for small as well as bigger firms. These human resources can be utilised to coach new workforce. 

Various aspects of a working individual were taken into consideration for research conducted by the law commission. These are shown in the flowchart below:

The report recommends loosening the strict laws which directly affect older workforce. These areas are: 

1) Superannuation
2) Social Security
3) Employment
4) Insurance 
5) Compensation Law 
Employment Minister, Bill Shorten said that “the Australian government has relaxed the super guarantee maximum age limit. Due to this, people aged 70 and over would be able to contribute to their Australian superannuation retirement savings. He also told that the government will consider all aspects of the report released by Australian Law Reform Commission and would make sure that the experience and knowledge of senior professionals is properly utilised.