Over 55s winning in job stakes
Surprising new research reveals that Australians aged 55 and over are increasing their employment, despite the economic downturn, while more young people are losing their jobs.
Australians in the 55 to 69 age range increased their participation rates from April 2008, to April 2009, with men aged 60 to 64 increasing from 55.5% to 57.8%, and men aged 65 to 69 rising from 28.8% to 32.8%.
In contrast there were 79.2% of males aged 20 to 24 in work in April, 2008, and 77.5% employed in April 2009. Women in the same aged group dropped even further from 75.6% in 2008 to 71.2% this year.
Monash University demographer, Dr Bob Birrell, said the research ran contrary to the argument that it was older workers facing unemployment in the downturn and countered the argument that extending the pension age to 67 would necessarily force people onto the dole.
Dr Birrell said “the proportion of young people working has declined over the past year and doesn’t change much for the younger adult ages. But there is a decisive break around 55 years when the employment rate actually starts going up. It’s remarkable”.
