NOT convinced of the value of older workers? A new report by the International Longevity Centre UK, a specialist think tank on the impact of longevity of society, says older workers are the key to post-COVID recovery.
The report shows that across the G20 (an international forum for global economic co-operation of which Australia is a member) every third dollar is earned by someone aged 50 or over. It says enabling more older people to work could increase GDP by 7 per cent and countries that spend more on health have higher employment rates at older ages.
Nearly one in three workers across the G20 is 50 and over. This could rise to 40 per cent of the workforce by 2035. In 2014, workers 50 and older generated every third dollar earned across the G20. By 2035, they are projected to generate nearly 40 per cent of all earnings.
The report argues that leveraging the economic contributions of older people will be instrumental in the global post- pandemic recovery, and that addressing health barriers to work for older people can unlock a significant “longevity dividend”. It calls for G20 governments to invest more in preventative healthcare and support work in an ageing world.
Hard to disagree with that.
Reprinted from THE MAITLAND MERCURY , Friday October 23, 2020