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Australian Bureau of Statistics 2012. Older people and the labour market. cat. no. 4102.0, ABS, Canberra Time. Web.
This report dwells upon recent trends concerning inclusion of older people (aged above 55) in the Australian labour market. It is noted that over 5 million Australians (55 years old and older) make up 25% of the country’s population and 34% of these people are involved in the labour market. Importantly, the rate of participation of older people has increased from 25% to 34% since the 1980s. Clearly, the government is trying to encourage older people to enter or re-enter the labour market, as this will positively affect development of the Australian economy.
It is clear that participation of older people in the labour market depends on a number of factors. Thus, it depends on gender and 42% of men aged 55 and over have either full-time or part-time jobs. Only 27% of women of the same age participate in the labour market. Again, the rate of participation has increased by 10% and now both older men and women are more willing to continue working. Another factor affecting the participation rate is age.
Thus, 71% of people in their mid- and late 50s participate in the Australian labour forces. At that, 24% of those in their mid- and late sixties continue working and only up to 4.5% of people aged 70 are a part of the labour market. These numbers are quite similar for both genders with a difference in the first age group as 35% of females aged 55-59 participate. It is necessary to note that older people are often involved in managing jobs and high-skilled occupations though there is certain difference depending on gender.
Hence, 23% of older men are occupied in high-skilled professions, 18% of them are trade workers and 11% of them are labourers. Whereas, 28% of older women are administrative workers, 25% are professionals and the rest are Labourers. Education is another important factor. It has been estimated that people with higher qualifications are much likely to participate in the Australian labour market. Thus, 76% of people with higher qualifications (bachelor degree and higher) aged between 55 and 74 are employed, while only 53 % of those without higher education are a part of the labour market.
It has been reported that, when considering time for retirement, 33% of people stated it depended on their financial security, 11% noted that reaching the eligible age is the central factor, and 23% stated that health conditions would be primary factors affecting their decision. It is concluded that all these factors should be taken into account when developing strategies to encourage older people.
The report has numerous implications as it contains valuable data on factors affecting participation of older people. These data can and should be employed when developing state policies aimed at encouraging older people to remain in the labour market longer, which is important as the Australian population is aging. Policymakers have to understand that it is a complex issue and such factors as gender, education, qualification, age, health conditions have to be taken into account.
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