The Australian government has recently implemented temporary modifications to the Work Bonus program, aiming to provide older Australians with enhanced flexibility to work and earn additional income without adversely affecting their pension benefits.
This initiative benefits retirees and presents an opportunity for the visitor economy to address labour shortages effectively. Through the implementation of the Work Bonus program, the government not only supports pensioners in their pursuit of financial security but also enables the visitor economy to alleviate labour shortages.
The Minister for Social Services officially announced these changes on November 22, 2022, recognising the importance of supporting older individuals who wish to continue working beyond the Age Pension age.
The Work Bonus program serves as an incentive for pensioners in this age group, allowing them to retain a greater portion of their pension while earning income from employment. The temporary adjustments to the program will be applicable for eligible pensioners from December 1, 2022, until December 31, 2023.
Individuals seeking more detailed information about the Work Bonus program, including eligibility criteria and the application process for the temporary changes, are encouraged to visit the Services Australia website. This online resource offers comprehensive information designed to assist pensioners in gaining a thorough understanding of the program and making the most of the temporary modifications.
Furthermore, the changes implemented in the Work Bonus program have the potential to benefit the visitor economy, particularly the tourism sector, greatly. Austrade’s THRIVE 2030 Strategy recognises that effectively addressing labour shortages can be accomplished by actively recruiting individuals from underrepresented demographics, such as older people.
Embracing mature-aged workers brings numerous advantages for employers. These individuals are renowned for their reliability and flexibility, having amassed a wealth of experience that businesses can leverage throughout their lives. Additionally, their presence in the workforce contributes to age diversity, creating a more inclusive and harmonious working environment.
Sam Palmer is the General Manager, Visitor Economy & Client Programs at Austrade. She says, ‘The government has provided a tangible mechanism to help with labour shortfalls in our visitor economy, especially during peak periods, with the temporary change to the Work Bonus.
‘THRIVE 2030 identified 2022–2024 as the ‘Recovery phase’ and a time to address workforce shortages and power into the future. The temporary change to the Work Bonus has come along at an opportune time to help rebuild our visitor economy.
‘We encourage tourism businesses to consider employing older workers, and to benefit from their wealth of experience.’
THRIVE 2030 is Australia’s national strategy for the long-term sustainable growth of the visitor economy.
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