It is possible that in the near future, older citizens could be given the opportunity to work additional hours while still receiving their pension, as part of a plan proposed by the government to alleviate labour shortages around the nation.
According to the plan put forth by the Albanese government, those who have reached the age of 66 and have been employed for a period of six months would be allowed to put in additional hours at work and make additional income without having their pension payments reduced.
Seniors in today’s society are entitled to a maximum semimonthly pension of $490; however, if they earn even one additional dollar, they will see their weekly pension reduced by the same amount.
The idea will be discussed during the Jobs and Skills Conference that will take place in Canberra the following month.
According to Treasurer Jim Chalmers, the summit’s primary focus will be on increasing participation as well as discussing how Australia might overcome acute labour shortages.
According to Chalmers, “we’ve got a national unemployment rate around 3.5 percent, and we have the difficulties that come with skills shortages and labour shortages.”
“We are interested in the opinions of others.”
Chalmers is concerned, on the other hand, about the price.
The initiative has received the backing of Peter Dutton, who is the leader of the opposition.
“Employment income should be exempted from the income test for pensioners with minimal savings or assets,” stated National Seniors Australia, which supports the plan put out by the government. “Employment income should be exempted from the income test.”
According to the statement made by the organisation, “This would assist Australia in meeting labour shortages and retaining talented and qualified employees whilst there is uncertainty around immigration.”
“The exemption might be applied across the entire economy, or it may be targeted at particular industries, such as health and aged care, tourism, agriculture, and hospitality; as well as geographic locations, such as regional Australia, where demand is strong but labour supply is low.”
As part of the parliamentary enquiry that will take place next month, a report on the rise in the number of people over the age of 65 who are working is also going to be published.