Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

NZ consistent in keeping mature workers in jobs for longer

New Zealand consistent in keeping mature workers in jobs for longer

PwC’s Golden Age Index reveals that New Zealand is one of the best-performing OECD countries when it comes to harnessing the economic power of workers aged 55 and above.

The Index is a weighted average of indicators – including employment, earnings and training – that reflect the labour market impact of workers aged over 55 in 34 OECD (Organisation for Economic Cooperation and Development) countries. New Zealand has ranked second in the two most recent surveys, while also ranking as one of the most improved countries since the Index started in 2003.

“The latest Index findings clearly show that New Zealand is consistently well ahead of the pack when it comes to supporting older workers,” says PwC Consulting Partner, Scott Mitchell.

“However, there is still more for businesses to do to support mature workers. Flexible working arrangements are a start, but we really need to see a cultural change as the number of older workers in New Zealand is projected to grow.”

Only Iceland ranks above New Zealand in the Index. Rounding out the top five are Sweden, Israel and Estonia.

One of the big increases New Zealand has seen in recent years has been the growing employment rate for those in the 65-69 age bracket, with this percentage nearly doubling compared to the 2003 respondents.

Mr Mitchell says, “Kiwis don’t have a fixed retirement age so older workers can retire when they want to and on average, those that do ‘retire’, continue to work shorter hours per week.

“There is no age limit to access student loans in New Zealand which makes retraining a viable option for older workers who wish to pursue work in other fields.”

Finally, the report included a number of key policies that companies and policymakers can pursue to improve on these rankings. While New Zealand has made progress with some of these recommendations, they need to remain high on the agenda.

Encouraging later retirement. This could be achieved through pension reform or by creating other financial incentives that encourage workers to continue working past the official retirement age.
Improving employability. Policymakers could focus on promoting lifelong education and training, which could upskill older workers and thus potentially reduce unemployment of older workers.
Reducing employment barriers for older workers. Public policy could place an emphasis on tightening regulation around labour market discrimination against older workers.
-Ends-

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 


Science Media Centre: Understanding DDoS cyber attacks – Expert Reaction

Cyber attacks have hit several New Zealand organisations this month, disrupting their online services. The Distributed Denial of Service (DDoS) attacks were the same kind of cyber attack that affected the NZX around this time last year... More>>


Financial Markets Authority: Spike in investment scam complaints since COVID

The Financial Markets Authority (FMA) - Te Mana Tātai Hokohoko – is warning New Zealanders to be on the lookout for three unique types of scams that have been on the rise since the start of COVID-19. The warning comes as the FMA responds to a rise in complaints about investment scams and fraud lodged with the regulator in the first half of this year... More>>


Statistics: Strong export growth narrows current account deficit to $3B

The seasonally adjusted current account deficit narrowed to $3.0 billion in the June 2021 quarter, Stats NZ said today. The current account deficit was $2.2 billion narrower than the previous quarter due to an increase in value of goods exports (up $1.4 billion) and services exports (up $1.7 billion... More>>




Statistics: GDP rises in the June 2021 quarter

Gross domestic product (GDP) rose by 2.8 percent in the June 2021 quarter, following a 1.4 percent increase in the March 2021 quarter, Stats NZ said today. June 2021 quarter GDP was 4.3 percent higher when compared with the December 2019 quarter... More>>


Energy-from-waste: $350 Million Plant To Deliver Renewable Energy Considered

Investigations have begun into the viability of building an Energy-from-Waste plant that will safely convert 350,000 tonnes of waste, that would otherwise be dumped into South Island landfills annually, into renewable electricity... More>>

Olam: Confirms plans for commissioning of NZ dairy plant

OFI, a global leader in natural and sustainable food ingredient solutions, today confirmed plans to develop a new dairy processing facility at Tokoroa. It is now taking expressions of interest from potential farmer suppliers, employees, contractors, and general trade suppliers... More>>