Australian employers view their older workforce with contempt. They need to understand 70s are the new 50s | Australian economy
Hey employers, take the program with the program: 70s new 50s.
The Australians remain healthier for a longer period of time, just like wealthy societies around the world.
You thought this would be great news, but no.
A aging population is said to be a curse in our economy’s neck and a curse in our budget.
It doesn’t have to be in this way, but it will require smart policy production to make the most of a willing and talented labor force.
It will also require employers not to be so bloody dill.
This week, a survey conducted by the Australian HR Institute and the Australian Human Rights Commission Approximately one quarter of employers classifies over the 50s as “old”.
To see how ridiculous this is, imagine that someone who has been working for 45 years and retired for a 67 -year -old will be accepted as “old” for 17 years.
Approximately 40% of this working life!
Like all views based on discrimination, all this challenges the cause.
A New article from the International Monetary Fund It shows how up -to -date these views are.
The IMF looked at data in 41 countries and found that a 70 -year -old person in 2022 had a 53 -year -old cognitive health scores at the beginning of the century.
In a not surprising way, this magnificent healing of mental sharpness went hand in hand with people who stayed better physically better than 60s, 70s and beyond.
“Better health means better labor market results,” IMF economists Bertrand Gruss and Diaa Nouldin said.
Gruss and Nouldin show that enlightened policies, such as focusing on continuous education and to keep people of labor longer for a longer time, can balance three -quarters of the expected drag in the world economy in the coming decades.
“For a decade, the cumulative healing of cognitive capacities experienced by someone of 50 or more is associated with an increase of approximately 20 percent of the possibility of being in labor,” he writes.
“It is also related to six hours a week and 30% increase in earnings. All this can reduce aging to growth.”
The Treasury’s inter -generation reports focused more on the budget results of an aging population of Australians.
These reports may have informed the current debate on taxation reform, as well as a narrative of ridiculous elderly people who should be supported under the age of live and athletics in autumn years.
If the IMF is right, it is greatly wrong that “demography is fate ..
As usual, our destiny is what we do.
