WAYNE Swan will today flag a plan to shift at least 330,000 jobless Australians aged between 55 and 64 back into the workforce, as Labor sharpens its push to lift workforce participation rates.

The Treasurer will announce the establishment of an expert panel to advise him on the economic potential of older Australians, showing the government is acting on Julia Gillard’s January promise to lift participation rates as a structural economic reform.

Several sources have told The Australian the government will use the May 10 budget to advance the agenda, aware the ageing of the population will require people to work longer to meet the needs of the retired baby boomers.

In February, the Prime Minister said she wanted to encourage two million people, including disability pensioners and part-time employees, to work more hours as part of a reform program in the spirit of the Hawke-Keating era.

Today, in a speech to business leaders in Sydney, Mr Swan will put older workers on notice, outlining his hope to lift the 55-64 years workforce participation rate, which is now at 63 per cent, to at least 76 per cent – the rate in New Zealand.

“If we could deliver a similar rate, we’d see 330,000 more workers giving us the value of their experience and know-how,” says a copy of the Swan speech, released late yesterday.

“We must work harder to promote and maximise the opportunities and benefits older workers can bring.

“Australia’s mature-age participation rate is already strong, but it needs to be at the top of the pack.”

Mr Swan will say that from July 1, age pensioners will be able to earn up to $6500 a year without affecting their pensions.

And he will say the government plans to spend $30 million to “significantly upskill” up to 7500 mature-age workers.

“This is on top of the $43m investment in retraining, re-skilling and careers advice that I announced when I released the 2010 Intergenerational Report.”

Source:The Australian

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