Australia is getting better compared to other OECD countries in employing older workers but is still way behind New Zealand.
According to the latest Golden Age Index, Australia improved its ranking by five places to 15th among other developed nations.
The improvement, according to PwC, was buoyed by the Federal Government’s efforts to increase participation by older workers.
Among these initiatives is the appointment of Susan Ryan as the first Ambassador for Mature Age Employment and the federal budget’s $10,000 restart wage subsidy for employers and mature age job seekers.
“While Australia is in the middle of the pack moving from 20th to 15th place among the 34 nations, New Zealand continues to excel, maintaining its second place behind Iceland,” says Jon Williams of PwC.
“If Australia could match New Zealand’s mature age employment rate, Australia could generate an annual average increase of $24 billion in nominal GDP.
“Businesses who make better use of the skills and experience of older workers gain a real competitive advantage at a time when their customer bases are also ageing.”
The Golden Age Index measures how well countries are doing in harnessing the potential of older workers. The index is a weighted average of seven indicators which reflect the labour market impact of workers aged over 55 in 34 OECD countries, including employment, earnings and training
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