The ‘great retirement’ of other countries didn’t happen here. In fact, there was an influx of older Australians to the workforce during the pandemic.
. Balanced funds are on course to deliver returns of a negative 3.4 per cent return over the calendar year, which is the worst since the global financial crisis in 2008, according to Rainmaker Information.Australia appears to have avoided the big exodus of older workers from the workforce that took place in some other developed countries when the pandemic hit.
However, by May 2022, the proportion of Americans between the ages of 55 and 64 who were working had recovered to roughly the same rate as that seen in February 2020, suggesting that fears of a permanent hit to the workforce had been overblown. A survey of more than 600 business leaders by the Human Rights Commission and Australian HR Institute in 2021
He says the second-biggest is how Centrelink penalises pensioners for earning over a certain threshold – although Treasury’s Retirement Income Review suggests these types of financial incentives do little to encourage people to stay in the workforce.
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