The Government wants to get Australian businesses busy with the over 50’s. And they are putting the financial incentives in place to back them.
The new ‘Restart Programme’ investment package from the Government aims to attract mature age workers back into the work force by offering a payment of up to $10,000 to employers who hire a mature job seeker (including those on the Disability Support Pension) who are aged 50 years or over. This is planned to be implemented from the 1st of July 2014.
The bonuses will be paid to eligible employers who employ over 50’s on a full time basis where the worker has previously been unemployed for a minimum of six months. The intention of the bonuses is that they act as a wage subsidy.
The payments commence after six months of employment and are planned to be paid in a phased approach:
- · $3,000 after six months of employment;
- · $3,000 after 12 months of employment;
- · $2,000 after 18 months of employment; and
- · $2,000 after 24 months of employment.
The Governments bid to boost workforce participation amongst mature job seekers is clearly a positive step towards closing unemployment rates at this end of the market, and ties in with its proposed plan to increase the national retirement age to 70.
What other effects do you foresee with the introduction of the ‘Restart Programme?’
If you are looking for advice on how your organisation can get involved in this Federally funded initiative contact Gill Bedford at Diversity Dimensions about their ‘Corporate Champion’ program: 02 9836 5838, email@example.com or diversity-dimensions.com.au.
Figures taken from the Federal Government budget website: http://www.budget.gov.au/2014-15/content/bp2/html/bp2_expense-10.htm