Dad’s army increasingly deciding to return to work
LOS ANGELES: An army of older people is marching back to work, pushing the number of employed over-65s beyond pre-pandemic levels.
A workforce hungry for experience, dwindling superannuation and the rising cost of living are all factors experts say are driving older Australians back to – or keeping them in – employment.
The number of working people aged 65 and over rose by 70,100 between 2019 and 2022, to a record 689,900 Australians. And the bureau of statistics data shows that age bracket is entering the workforce in far greater numbers than some younger ones.
Only an extra 30,800 Australians aged 20-24 entered the workforce over the same period, and an extra 53,400 people aged 35-44.
In the very youngest category, aged 15-19, there were 165,000 extra workers.
Independent economist Chris Richardson said unique labour market and economic conditions as the nation emerged from Covid drew older workers back.
“The lowest unemployment rate in half a century – and because we didn’t have younger workers (from overseas) – employers had to reconsider the value in older workers,” Mr Richardson said.
“These days we’re a service economy – accountants and lawyers, for example – and we have the sorts of jobs where the physical negatives of ageing are much less of a problem than they used to be.”
Mr Richardson said that in tight labour market conditions, it made sense that older workers would stave off retirement for a few years or even return to work, as employers were “begging” to have them back. He said inflation and superannuation may have played a role too.
“It’s not just inflation – the last 12 months were the worst for superannuation funds in some time. In other words, the bucket of savings is smaller and the ability to stretch the savings are smaller as well.”
Ken Spears, a deckhand on Sydney’s Victor Chang ferry, is 66, has had his job for 18 years and has no immediate plans for retirement.
“As long as you’re fit, you can go out there and work,” he said. “I always thought people retire around the 60 mark, but lots of people are coming back.”
Janne Becquet, who is also 66, works behind the bar at the Mounties club in Sydney’s west and has been for 18 years. “I was going to retire in 2020, but things didn’t work out,” Ms Becquet said.
“Now I’m on compo and have been for some time so now it’s on hold again.
“I’d love to retire but it’s finances. That’s the big thing.
“Maybe I’ll retire this year or next year … My body’s telling me I’ve got to slow down.”
On the other end of the labour force are Morgan Iddles, 20, and Monte Parsons, 20.
Both students, Ms Iddles works part time at a painting studio while Mr Parsons is unemployed. They said the employment landscape for them and their friends had changed dramatically in the past few years.
“It’s really hard to make it by,” Ms Iddles said.
“I’ve just recently moved out of home, and everything costs a lot of money.”
Mr Parsons said: “I had friends who were able to move out of home and go to uni full time, studying, being able to survive off JobKeeper.
“Now, everyone I know is struggling to get work.”