The recently released National Seniors report, Experience Works – The Mature Age Employment Challenge has found Australia loses almost $11 billion each year by not using the experience of its older workforce.
The study found jobless figures for mature workers go unnoticed as unemployment in their age group is often considered as early retirement. Older workers who are retrenched were found to often leave the labour force due to involuntary early retirement or through becoming unemployed or underemployed.
The research also found that people aged 55 and over are likely to remain unemployed for three times longer than younger people.
Chief executive of National Seniors Australia, Michael O’Neill said Australia has a lack of awareness when it comes to the way older workers are considered and treated. He also added that older employees are more dedicated and contribute to a stable workforce.
O’Neill said mature age employment has fallen off the agenda in Australia, despite its aging population and current skills shortage.
O’Neill believes the needs of younger people and older Australians must be equally recognised.
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