Initiatives to help older people stay in the workforce
The Government’s More Choices for a Longer Life package includes a raft of initiatives to help older people stay in the workforce longer.
It includes up to $10,000 in wage subsides paid to employers to take on staff aged over 50 and up to $2,000 for older workers to take up reskilling and upskilling training and opportunities.
Additionally, the Pension Work Bonus, an amount of income that can be earned before affecting the pension, will be increased from $250 to $300. This means that pensioners will be able to earn up to $7800 a year free of pension income tests.
For the first time, the Bonus will also be extended to Age Pensioners who are self-employed. On the down side the Bonus is not indexed so it only increases when legislated, not with wages or prices.