National Seniors Australia Calls for Change to Pension Rules

Almost 12 months ago, National Seniors Australia (NSA) released its ‘Let Pensioners Work Policy’ which found that fewer than 76,000 pensioners (3 per cent) currently work, but many would work, or work more if they didn’t lose 50 cents in the dollar when they worked more than one day a week.

The policy argued that exempting work income from the Age Pension income test could benefit two million pensioners with limited wealth, addressing our high rates of pension poverty.

NSA predicted that if the policy was implemented, it could see up to 400,000 pensioners available to fill critical labour shortages across the country.

The August 2022 labour force estimates from the Australian Bureau of Statistics show 470,900 job vacancies across the country, and NSA Chief Advocate, Ian Henschke said that each week NSA was getting calls from members asking why the Government won’t change its policy and enable them to work.

“The latest job vacancy figures highlight the need for decisive government action to mobilise workers,” Mr Henschke said.

“We cannot just tinker at the edges, as is being proposed with changes to the Work Bonus limit.

“We need full-throttle policy change.

“If Australia changed its policy, the older workforce participation rate would be comparable with New Zealand, Sweden, the United States of America, Israel, Japan and South Korea, where older people are a valued asset, not a liability.

“Now that is a giant step in ending ageism and solving the workforce crisis.

“I suggest older Australians are also a goldmine we are ignoring at our peril.”

• Topics:

• Seniors
• The Workplace
• Employment & Training