Baby Boomers start more businesses than Gen Y

Tech-savvy Baby Boomers are expected to start 14,000 new businesses each year, more than double the number of start-ups than their Gen Y counterparts, new research shows.

Baby Boomers also contribute an additional $11.9 billion to Australia’s Gross Domestic Product (GDP) in retirement ventures each year, according to the nbn™Silver Economy report, released this week.

Financial squeeze can cancel out joys of retirement, study shows

A new study has found that retirement can be just as stressful as working in a lower-paying job.

The first study to measure stress levels before and after retirement, rather than asking people how they felt, took five saliva samples throughout the day from 1,143 high-, middle- and low-grade public servants working in London.

Age discrimination affects 3 in 10 jobseekers

A new study has found more than three in 10 Australians aged 45 and over have experienced age discrimination while employed or looking for work in the past year.

According to the University of South Australia survey of 2100 men and women, the most common form of discrimination involved negative views about the skills and learning abilities of older workers.

Study author Justine Irving said because of the discrimination, older workers faced limited employment, training and promotion opportunities.

Women short-changed on super

New research shows women are being short-changed on super as well as earning lower wages than men.

Marking International Women’s Day (Wednesday, 8 March), Industry Super Australia said that an analysis of the latest data from the Australian Tax Office (ATO) reveals women working for wages and eligible for the Superannuation Guarantee were underpaid $1.84 billion in super contributions by their employers in 2013-14.

The average underpayment was $1,550.

Most expect to work into retirement years

New research shows most Australians in paid employment expect to be working in some form well into their retirement.

A total of 61 per cent of workers surveyed believed their working life would continue into their retirement years.

Seventy per cent said they expected to draw a government pension in retirement.

Galaxy Research’s Ready to Retire Study, commissioned by News Corp Australia in partnership with Industry SuperFunds, found many workers were concerned about how much they would need in retirement savings to live stress-free.

National Seniors appoints Ian Henschke as new chief advocate

National Seniors Australia has appointed former ABC Radio and TV journalist and presenter Ian Henschke as its Chief Advocate. He also served as an ABC Board Director.

National Seniors’ Chief Executive Officer Dagmar Parsons said the role of Chief Advocate will build upon the successes of the past and transform engagement with the over 50s.

Unpaid super costs workers dearly, new research finds

Workers on the verge of retirement who are short changed on their superannuation entitlements have nest eggs worth tens of thousands of dollars less than those who are paid correctly, new research shows.

Using the latest 2013-14 data from the Australian Tax Office (ATO), Industry Super Australia found that people aged 60 to 64 earning between $50,000 and $75,000 whose employers did not correctly pay their Super Guarantee (SG), had overall super balances $35,089 or almost 40 per cent less than those who were.

More working hours wanted

New figures out this week show one million Australians want more hours of work.

The latest results from the Australian Bureau of Statistics’ (ABS) Participation, Job Search and Mobility Survey reveal there were one million underemployed workers in February 2016, of whom 945,400 worked part-time.

A further 76,700 usually worked full-time, but worked part-time in the reference week due to economic reasons, such as being stood down or insufficient work being available.

Older workers can boost the economy

Harnessing the power of an older workforce could deliver gains of up to $78 billion for the Australian economy, a new report reveals.

According to the Price Waterhouse Coopers (PwC) report, if Australia’s employment rates for workers aged 55-plus were increased to those in Sweden (where 74% of those aged 55-64 are employed), Australia’s GDP could be around 4.7% higher.

Higher pension age means women work longer

New research has dispelled the notion that some women may be manipulating the welfare system to claim benefits before they reach the Age Pension qualifying age.

The University of Melbourne study, based on Centrelink and Australian Bureau of Statistics (ABS) data, showed that increasing the Age Pension age from 61 to 65 for women resulted in women spending longer in the labour force, rather than seeking Centrelink benefits.

The qualifying age for women began to increase from 1995 until July 2013, when the pension age for both men and women became 65 years.

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