Will Australia benefit from a greying workforce? The Federal Age Discrimination Commission thinks so, stressing that allowing workers aged 55 and up to continue working could prove as "the secret to our future prosperity."
The Commission is actually convinced that increasing the numbers of active Australian workers beyond 50 will served as a considerable boost to the domestic economy, specifically a minimum of $33 billion bump to the gross domestic product (GDP) if the general labour force would be comprised of at least three per cent retirement-age employees.
"And if we can get it up to five per cent, it's a $48billion boast to GDP," Commissioner Susan Ryan told ABC on Monday, citing the fresh estimates provided by Deloitte Access Economics.
The Deloitte report also highlighted the likelihood that veteran workers, if given the chance to prove their worth regardless of their age, would pitch in some 2.4 per cent to the projected national income over the next 12 years.
The same study also underscored the significant employment growth in the age bracket of 55 and up, according to recent calculations made by the Treasury.
From the year to July, close to four per cent were added to the ranks of workers in the same group, according to Treasurer Wayne Swan, who noted too that the same observable trend has been seen in the past decade.
In his scheduled address before the Australian Human Rights Commission Conference that Sydney will host today, Mr Swan is expected to outline the solid contributions of working people aged 55 and over to the national economy.
According to the Australian Financial Review (AFR), the Treasurer will argue on the wisdom of providing an active platform for retirement-age workers to remain productive, which in the end will redound for the general benefit of the nation.
His position is best exemplified by Canberra's decision to revise the pension-age threshold from its current age level to 67, which will take effect over the next 10 years.
"As our population becomes older, we need to make sure that all parts of our economy and community are open to the contribution that can be made by our growing population of active, senior Australians," Mr Swan will reportedly say, according to the AFR.
However, to actually realise the scenarios that federal authorities would want to happen "what we need to do ... is remove the idea that once you hit 50 you are on your way out," which according to Commissioner Ryan can only be accomplished by an overhaul of the labour system.
"It's about changing employer attitudes at the top ... but also changing the human resource managers, the recruiters, the workplace and the labour economists," the commissioner was reported by ABC as saying.
Should those things were set in motion, Commissioner Ryan is fairly upbeat on the idea that Australia will witness "economic growth of the like we haven't seen in a long time."
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