The intergenerational report for 2015, has provided some forecasts that have caught Hockey's attention. Hockey now asks the nation to delay retirement until after 65.
Here are some of the report statistics:
- 40,000 Aussies will reach the age of 100 by the middle of the century
- Life expectancy will jump to 97 for women and 95 for men
- By 2055, the number of people reaching retiring will have doubled
- Unexpected trends shows that many over-60's are returning to work
The Australian working landscape is changing dramatically. Did you know that 5.5 million baby boomers will be retiring in Australia? Or that 47% of the ACT are baby boomers and over the next 5 years 150,000 baby boomers will be retiring in Canberra alone! (Jennene Buckley)
Further disrupting the working landscape is the changing attitudes of Generation Y. Australian workers aged 20-24 are three times more likely to change jobs in a year than those aged 45-54, and that nearly one in four of those aged 20-24 change jobs in any given year.
So, Joe Hockey is begging the greying workforce to stay at work. But if they don't, will you be prepared for their departure? Have you calculated the cost of their retirement to your organisation and team?
No need to panic, we've been helping organisations capture such knowledge for over 20 years. Join our breakfast seminar this month to learn how you can manage the change.