Iceland, New Zealand and Israel are Leaders in Boosting Employment Rates among Older Workers: PwC Reports

PwC has released it 2018 Golden Age Index and reports that Iceland, New Zealand and Israel are the leaders in boosting employment rates among older workers. In addition, the report finds that extending people’s working lives to reflect the aging of their populations could release massive untapped value for their economies to the tune of US$3.5 trillion across the OECD as a whole in the long run.

Current employment rates for workers aged 55-64 vary dramatically across the OECD, from 84% in Iceland and 78% in New Zealand to 38% in Greece and 34% in Turkey.

For example, increasing the over-55 employment rate to New Zealand levels could deliver a long-run economic boost worth around US$815 billion in the US, US$406 billion in France and US$123 billion in Japan - with the total potential gain across the OECD adding up to around US$3.5 trillion. This economic uplift would be combined with significant social and health benefits from older people leading more active lives and having higher self-worth through continuing to work where they wish to do so.

John Hawksworth, Chief Economist at PwC UK, comments PwC thinks "older workers should be encouraged and supported to remain in the workforce for longer. This would increase GDP, consumer spending power and tax revenues, while also helping to improve the health and wellbeing of older people by keeping them mentally and physically active." In particular, PwC notes that "[s]uccessful policy measures include increasing the retirement age, supporting flexible working, improving the flexibility of pensions, and providing further training and support help older workers become 'digital adopters.'"

The findings from [PwC's rigorous statistical analysis of the underlying drivers of higher employment rates for older workers across 35 OECD countries] include that financial incentives like pension policy and family benefits can influence people’s decision to stay employed, and that longer life expectancy is associated with longer working lives. The study also shows that flexible working and partial retirement options can pay dividends for employers, as can redesign of factories, offices and roles to meet the changing needs and preferences of older workers.

The Golden Age Index provides additional details for each country evaluated. For example, looking at the United Kingdom, PwC points out that:

• UK ranks 21st out of 35 countries in PwC’s Golden Age Index
• Up to 23% of UK jobs currently held by 55+ workers could be displaced by automation technology in the next decade
• South East of England has highest older worker employment rate in the UK at 75.3% compared to 63.2% in Northern Ireland

Sources: PwC News Release (June 18, 2018); PwC UK News Release (June 18, 2018)

New Zealand: Research Published on Income Losses for Injured Older Workers

According to University of Otago research, injuries impact on the financial well-being of older workers with substantial lost earnings of between 20% and 30% of their work income, but that the loss in work income is mitigated by public income transfers. Thus, the average total income losses are much less overall at between 3% and 7%.

As authored by Senior Research Fellow at the University of Otago’s Injury Prevention Research Unit, Dr Rebbecca Lilley, and Injury Prevention Research Unit Deputy Director Gabrielle Davie, "Financial impact of injury in older workers: use of a national retrospective e-cohort to compare income patterns over 3 years in a universal injury compensation scheme" highlights the importance of the social welfare safety nets New Zealand currently has.

Using Statistics NZ’s Integrated Data Infrastructure, the researchers identified a cohort of 617,722 workers aged 45 to 64 years, of whom more than 20,000 had a substantial work or non-work injury in 2009. They followed the cohort for three years and found income reduced over that time with the losses greater for those that were injured. In the third year, those injured received on average NZ$2,630 less than the comparison group, equivalent to a seven per cent drop in income.

The authors note that, like many developed nations, New Zealand’s working population is rapidly aging which has implications for the burden of injury and subsequent injury-related disability in New Zealand. By 2023, one in three of New Zealand’s workers will be aged over 45.

Dr Lilley says given the country has an aging population and people are increasingly continuing to work past the traditional retirement age, it is important that workplaces do everything they can to help get people back to work as soon as possible. “Older workers are renowned for being a highly reliable and engaged workforce and given we have a rapidly ageing workforce and future employment shortages, it’s vital that workplaces really engage with improving working conditions to encourage their workers to get back to work more rapidly."

Source: University of Otega News Release (May 1, 2018)

New Zealand: Businesses Not Geared Up For Older Workers

New Zealand's Retirement Commissioner has issued a report finding that while the number of New Zealanders working past 65 is on the rise, most businesses are not geared up for them. According to the study--"Ageing workforce business survey, May 2016"--carried out as part of the Commissioner’s review of retirement income policies, 83% of the 500 companies questioned have no policies or strategies in place for workers aged over 50. Furthermore, "it doesn’t matter what sort of work they do: the results for those engaged in manual work, such as farming and forestry, were no different to those in manufacturing or the service sector."

Among other things, the survey found that:

• 69% of the businesses agree that there’s a shortage of highly experienced workers in their industry;
• 70% are concerned about losing skills and experience when older workers retire; and
• 77% of companies do not carry out any active retirement planning to help their employees transition from full-time work.

Source: Commission for Financial Capability "Businesses ignore NZ's ageing workforce" (June 21, 2016)

New Zealand: Employers Need To Balance Retaining Older Workers with Developing New Workers

According to an article from Hays, New Zealand employers must balance the nation’s aging workforce with the continued development of new entrants to the labor market if they are to remain competitive long-term. According to Jason Walker, Managing Director of Hays in New Zealand:

“Those aged 65 and over in the workforce will increase in number, however by 2029 there will be fewer people in the labour force than not.

“Given the impending shrinking of the workforce, it makes sense to retain mature age workers for as long as possible.

“But we must not do so at the expense of training and developing new entrants to the labour market. If we look to the future, in order to maintain our competitive edge we need to ensure the country has a future pipeline of talent who have the skills and experience necessary to replace our ageing workforce when they do eventually retire. Otherwise there will be a skills vacuum that will take many years and a huge amount of investment to fill."

Thus, the balance that employers need to strike between retaining highly-valued, well educated and experienced older workers, and recruiting and developing the next generation of employees. However, the ultimate goal, according to Hays, is to focus on the recruitment, development and training of staff at all levels and of all ages.

Hays further explores the topic of the aging workforce in "Mind the Age Gap," published in the Hays Journal Issue 8.

Source: Hays Press Release (November 5, 2014)

New Zealand: Conference Addresses Employment of Older Women

New Zealand's National Advisory Council on the Employment of Women (NACEW) held a conference on "Employment of Older New Zealand Women" at which, among other things, results of research were presented, showing that there's a large number working low-paid and physically demanding shift work. In "The Employment of Older NZ Women", the study commissioned by NACEW, economist Paul Callister suggests that the rates of older women in the workforce, which have shot up from 2% of those aged 65 or more 20 years ago to 15% today, could top 30% in a further 20 years.

Combining the recent trends in education with the projected demographic change shows there is a large ‘bulge’ of mid-life women workers, most of whom are working full time and many of whom are well educated, who are moving towards traditional ages of retirement. Depending on their choices and opportunities in the labour market, in the short term this may lift the employment rates of older women. But in the longer term, this group will continue ageing and will move into age groups where employment rates are very low.

While presenting various data, comparing ages, education, region, and Maori, the paper does not make any specific recommendations. However it does suggest that relatively little is known about the employment of older women, and that one important issue for further research is the relative employment related earnings of older women and men.

At the conference, Traci Houpapa, NAECW chief executive, was quoted as saying that ageism is a major barrier to older women wanting to work: "Age discrimination can also have an impact, reducing the ability of older workers to change careers later in life if issues start to occur, therefore more flexible, sustainable employment is required to enable older workers to stay in the labour force."

According to another report, Minister for Women Louise Upston said the economy was strengthening but, as the employment market tightened, there would be increasing demand from employers for on-job training for staff who did not have formal qualifications.

Sources: TVNZ One News "Concerns raised for ageing female workers" (October 22, 2014); Stuff.co.nz "Working women 65 and older set to double" (October 22, 2014)

New Zealand: Report Calls for Employers To Adapt Workplace Policies for Older Workers

A report issued by BusinessNZ, Southern Cross Healthcare Group, and Gallagher Bassett is telling New Zealand employers that they will be increasingly reliant on older workers to remain in the labor market in coming years, and that these workers will increasingly require arrangements such as reduced hours of work, flexibility in working time, lighter duties and a degree of focus on transition to retirement. In "Wellness in the Workplace," it is reported that "only 12.6% of businesses have policies or arrangements in place for older employees. Even when results were broken down by broad size of business, there was no significant change in the overall result."

"Of those business that do have some form of arrangement in place, comments typically revolved around reduced hours of work, flexibility in working time, lighter duties and a degree of focus on transition to retirement." According to Phil O’Reilly, BusinessNZ Chief Executive, just because workers are nearing retirement age doesn’t necessarily mean an employee wants to give up work. "It comes down to understanding the external pressures your staff are under. We’ve come a long way in talking about work-life balance for parents, however older workers have equally important reasons for needing flexibility--they may have health issues to contend with, need to care for older parents or, increasingly, take on caring for grandchildren so the parents can return to paid work."

Source: Southern Cross Healthcare Group News Release (December 16, 2013)

New Zealand: Exploring Employer HR Needs and the Silver Tsunami

According to an article from the University of Auckland's Retirement Policy and Research Centre, the retirement of baby boomers in Nez Zealand will leave labor and skill gaps that will need filling and will change the whole process of retirement, but employers able to harness those two challenges will fare better as the "silver tsunami" moves through New Zealand’s age groups. In "A commentary on older workers and some HR issues facing employers," Michael Littlewood examines what is known about New Zealand's older workers, looks at effective retirement ages, makes international comparisons, and explores some of the myths of the silver tsunami.

Among other things, Littlewood writes that not enough is known bout older New Zealanders, as the five yearly Census was last done in 2006. He points out that, as of that time, participation rate of those aged 65 and over had approximately trebled over the 20 years 1986-2006, and that t there were wice as many male "participants" as female in each of several age groups broken out of those over 65 in 2006.

Baby boomers will change everything as they move through their late careers, the transition to retirement and retirement itself. Their numbers alone make that inevitable. They present a human resources’ challenge to employers on at least two grounds: their retirement will leave labour and skill gaps that will need filling, and they will change the whole process of retirement.

Source: Retirement Policy and Research Centre Pension Commentary 2012-4 (August 13, 2012)

New Zealand: Preview of Study Challenging Perception of Older Workers as Less Productive

Although New Zealand's Equal Employment Opportunities Trust report on "Older Workers: Challenging Myths and Managing Realities" is not due out until mid-2012, a preview has been published about the research finding that there is no direct relationship between older age and productivity--but productivity could be worsened by age discrimination. According to the Sunday Star-Times, the report suggests that older workers are seen as less productive, less able and less worth the expense of upskilling--and that younger bosses in particular might benefit from "age management" training.

The article quotes EEO researcher Dr Mervyl McPherson:

"There is more difference between individuals within the same age group than there is between age groups in productivity, health, ability to learn," she said.

"Keeping older workers [employed] means they are still working and paying tax, and that offsets some of the demands that the babyboomers are going to be making in terms of welfare and superannuation and health."

While more detailed recommendations will be included in the final report, McPherson mentioned better working flexibility and more upskilling of older workers, along with wider options for "bridge employment"--options that allow people nearing retirement to move into less responsible, part-time or project-based roles. According to her, an employer was frequently more likely to get another five or ten years' service from someone who re-trained at 55 or 60 than from a younger person who then quickly moved on.

Low-skilled workers at each end of the age spectrum suffered in downturns--and McPherson said that was an issue for older workers coming out of industries where their skills were defunct, such as manufacturing.

"They are the ones most in need of work because they are on low incomes and so they are probably less prepared for retirement. But they haven't got the skills for the current economy," said McPherson.

The report suggested they might face discrimination when it came to who was chosen for retraining--or consider themselves not worth the expense.

Source: Stuff.co.nz "Making the most of older workers" (March 26, 2012)

New Zealand: Increased Labor Participation among 65 Plus Workers Displacing Younger Workers

In its 2012 annual report, the Salvation Army of New Zealand states, among other things, that older people staying in the workforce are displacing many teenagers from jobs. According to "The Growing Divide," the number of 15- to 19-year-olds in paid work dropped by 42,600 in the last five years, while the numbers still working beyond 65 jumped by 40,200.

In addition to just raw numbers, the labor force participation rate of people aged over 65 rose from from 14.1% in December 2006, to a record 19.5% in December 2011. At the same time, the participation rate of workers aged 15 to 19 has dropped from 58% to just under 48%.

Sources: Salvation ArmyNews Release (February 2012); Otago Daily Times "More older people staying in workforce" (February 19, 2012)

New Zealand: Research on Employer Preparedness; Calls for Public Employment Changes

New Zealand's Victoria University's announcement of a PhD dissertation showing that many organizations are under prepared for the loss of valuable knowledge as the oldest members of the baby boomer generation near retirement has led to calls for government employers to introduce more flexible working conditions so older workers can be retained in the state sector workforce.

First, the research: Dr. Carmel Joe's research suggests that few organizations have systems for identifying older experts or retaining their expertise after they retire. As part of her work, Dr. Joe created a model that organizations can use to identify the knowledge held by older experts and integrate it in to their knowledge retention processes. According to Dr. Joe:

Some aspects of a job can be documented but not everything. When I asked people what they would do if an expert in their team disappeared tomorrow, most replied that they'd have all the materials that person had generated but not the added element of the tacit knowledge they hold in their head.

Experts become very attuned and intuitive about what to do and what not to do but it's knowledge that is hard to define or write down. They also have a lot of referential knowledge—they know where to go to find things out.

One response to the research has come from Public Service Association national secretary Brenda Pilott who wants measures introduced that would allow older members of the workforce to work part-time. According to a news story written by Tim Donoghue, Plilott said:

The idea of more flexible arrangements to retain older workers and their expertise is something the public service wrestles with ... there needs to be more flexibility in terms of number of hours worked by older workers.

Sources: Victoria University News Release (May 18, 2011); Stuff.co.nz "Older workers 'need more flexible hours' " (May 21, 2011)

New Zealand: Aging Workforce Report Highlights Importance of Older Worker

New Zealand's Ministry of Social Development has released a report finding that, over the next 40 years, more older people will participate in the paid workforce, the economic value of older people’s paid, unpaid and voluntary work will increase, older people’s contribution to tax revenue will increase, and older people will spend more.

While covering many economic issues, with respect to employment, "The Business of Ageing: Realising the economic potential of older people in New Zealand: 2011–2051" finds that 7-10% of the total labor force will be 65 and over by 2051, up from 3-4% currently. Among the likely effects of population aging on the labor market are that:

• a sizeable proportion of the workforce will be older, creating opportunities for workplace adaptation and job mobility
• New Zealand have an opportunity to redefine outdated concepts of sudden retirement
• employers will want continued access to the increasingly hard-to-replace skills of older workers who, in turn, have more interest in continuing to work than previous generations
• succession planning will be vital to ensure valuable knowledge and skills aren’t lost as baby boomers leave the workforce
• the growth of the total workforce will slow, making New Zealand’s economic growth more dependent on productivity improvements

New Zealand can prepare for the demographic shift and associated rising government expenditure by improving work opportunities for older people. Specifically, the report suggests that there are three key areas where participation of an older workforce could be enhanced: (1) commitment to renewing human capital, for example, upskilling, (2) new technological adaptations for work environments, for example, ergonomic design for improved health and labour savings, and (3) optimal work practices and arrangements such as flexible work arrangements and mentoring of younger workers.

Sources: Ministry of Social Development Research Report ; New Zealand Herald "NZ needs working boomers" (May 29, 2011)

New Zealand: Research on Encore Careers Finds Older Workers Happier, Healthier

In an article for The New Zealand Herald, Greg Fleming writes about encore careers and draws on a Waikato University study focused on encore careers--meaningful work, paid or unpaid in the second half of life--which has found older people who work are happier and healthier than those who don't.

Fleming also notes that the study found that not all older workers experienced smooth transitions and that some of those surveyed for the research struggled to find meaningful work, found employment agencies unhelpful, and success often depended on individual initiative. He quotes research fellow Dr. Margaret Richardson of the Waikato Management School: "Many managers had negative stereotypes of older workers believing that they were unable to change and lacked the appropriate job-seeking skills such as how to write a CV and how to present at interviews."

Richardson, along with Mary Simpson and Ted Zorn, has also presented a paper on ""Out the Door," "Back for More," or "New Horizons": Multiple Meanings for Encore Careers" at the 2010 at the annual meeting of the International Communication Association. In this paper, the authors set out preliminary findings of a study into New Zealanders’ experiences with encore careers, and the authors illustrate the different discourses and meanings that encore workers and, to a lesser extent, managers associated with their experiences in or with encore careers—in paid or voluntary work.

Source: The New Zealand Herald "Older workers choosing work over retirement" (March 6, 2011)

New Zealand: Universities Confronting Aging Academic Workforce

Universities New Zealand - Te Pōkai Tara (Universities NZ) has released a report prepared for it by Business and Economic Research Limited (BERL) showing that the universities are facing a shortage of academic staff over the next ten years due to an aging academic workforce and other factors. In addition, the report--"Academic Workforce Planning - Towards 2020"--notes that, coupled with lower funding relative to countries like Australia, the aging workforce is a threat to the future quality of university education and research in New Zealand.

Among other things, the report found that 43% of the academic workforce is over 50 and 15% is over 60, that the number of older academic staff is growing and the inflow of younger academics is not keeping pace, and that the academic workforce is aging like other professions but is an older workforce to begin with. Since an aging academic workforce is a global trend and the academic workforce operates within a global labour market that is becoming increasingly competitive, New Zealand universities must work together with the government and private sector on ways universities can recruit sufficient academic staff of international calibre from at home and abroad.

Source: Universities New Zealand Media Release (January 31, 2011)

New Zealand: Mercer 2012 Report Suggests Economic Downturn Won't Reduce Need for Older Workers

Mercer has issued as report concluding that the current global economic crisis will give New Zealand employers only limited relief from the squeeze of an ageing workforce, skills shortage, and continuing brain drain. According to the report--Workplace 2012 New Zealand, by 2012, one in five workers will be aged 55 or older and employers will have to shift their focus from young to old to maintain a viable workforce between now and then.

The report found that, among other things, the percentage of workers aged 55 and over will increase from 18% to 21% and that while thehe participation rate of workers aged 20-44 will decrease, the participation rate of workers aged 55-59 will increase from 79.6% to 82.4% and the participation rate of workers aged 60-64 will increase from 67.1% to 75%.

“The fact that the workforce is ageing is not new, the twin issues of the skills shortage and the pending wave of retiring Baby Boomers seems to have been debated perennially,” said [Mercer’s Business Leader in New Zealand, Mr Bernie O’Brien].

“But this research clarifies and cements the fact that one of the biggest business risks in New Zealand in the immediate future is not just economic factors – it is the significant demographic shifts occurring that will threaten the sustainability of many New Zealand businesses.

“New Zealanders aged 55 and older are, and will continue to be, the answer to the current skills shortage - not Gen Y.

“This is not about changing a few HR policies. There needs to be a shift in the mindset of how, and for how long, New Zealanders work,” he said.

Source: Mercer Press Release (November 27, 2008)

New Zealand: Extending Vocational Rehabilitation to Workers Over 65

New Zealand's Minister of Accident Compensation Corporation (ACC) announced that injured New Zealanders who are over 65 and want to return to the workforce will have better access to vocational rehabilitation under a law change that became effective October 1, 2008. According to Street, "People over 65 who are working are entitled to weekly compensation for up to two years if they are injured. Over 65s are eligible for both compensation and superannuation for the first year, but have to elect one or the other for the second year."

Before the change, only over 65's already receiving weekly compensation were entitled to vocational rehabilitation or return to work assistance, and only for up to two years. Under the new law, "they will also be entitled to vocational rehabilitation if they are on superannuation and that period of entitlement will extend to three years and beyond if ACC determines it will help them back into the workforce."

Source: Accident Compensation Corporation Press Release (October 1, 2008)

New Zealand: Guidelines Issued for Retaining and Recruiting Mature Employees

New best practice guidelines to help employers look at innovative ways of retaining and recruiting mature employees have been released in New Zealand. The guide provides information both on older worker’s rights and responsibilities and tips for employers and was produced by a group comprising the Human Rights Commission, the Retirement Commission, the EEO Trust, Business New Zealand, the CTU and the Canterbury Employers’ Chamber of Commerce. The guide--"Valuing Experience: a practical guide to recruiting and retaining older workers"--is available online and as a downloadable PDF.

According to Ruth Dyson, Minister for Social Development and Employment:

"The guidelines are part of The Tapping into the Talent of Older Workers project which builds on recent important steps, in particular the legislation to overcome age discrimination which has been important in shifting employer attitudes.

"Recent research by Victoria University's Institute of Policy Studies has highlighted changing employers' attitudes towards older workers. Many employers recognise that older workers are loyal, reliable, committed and have more experience. However, some employers also believed inaccurate stereotypes such as thinking that older employees are unable to adapt to new technologies. We need to do more to challenge these misconceptions and combat age discrimination."

Sources: Minister for Social Development and Employment News Release (September 3, 2008); New Zealand Council of Trade Unions Press Release (September 3, 2008)

New Zealand: Oldest Workers Exhibiting Highest Rate of Job Growth

According to job data released by Statistics New Zealand, employees aged 65 years and older showed the greatest growth in filled jobs and average mean quarterly earnings in the five-year period to December 2006. Even though, as a group, they held only 2.5% of total filled jobs, they represented the greatest percentage growth--88.9%, substantially higher than the national average of 17%.

The next younger group of workers--those aged 60 to 64 years--had the second largest percentage increase of 50.5%, followed by the 55- to 59-year-olds, with 45%.

Source: Statistics New Zealand Media Release (February 22, 2008)

New Zealand: Workers Over 65 Have Largest Injury Rate

A report from Statistics New Zealand derived from Accident Compensation Corporation (ACC) claims shows that workers aged 65 years and over sustained work-related injuries at a rate considerably higher than any other age group. Thus, while those workers aged 65 years and over comprised 2.4% of the workforce, approximately 9,100 (20%) suffered some form of injury at work in 2006. In addition, workers in this age group accounted for 24 of the 81 claims lodged for work-related fatalities.

The report--Injury Statistics--Work-related Claims: 2006--also shows that older workers were over-represented among the more serious injury claims, which were those requiring weekly compensation or rehabilitation payments, at a rate almost three times higher than any other age group, with 45 per 1,000 full-time equivalent workers (FTEs).

Source: Statistics New Zealand Media Release (October 30, 2007)

Age Concern New Zeland calls these statistics "rubbish." "This claim is needlessly alarming older people and employers. The increasing number of seniors participating in the workforce is one of the great success stories of positive ageing, but this could put the fight against ageism in workplaces back by years," says Age Concern National President Jill Williams. He adds: "A greater proportion of older workers work part-time: but they've been rolled together in the stats to make full-time equivalents, and that's then being compared with individual ACC claims."

Source: Age Concern New Zealand Press Release (November 4, 2007)

Global Aging and Retirement: AARP Releases Country Surveys of Opinon Leaders

In conjunction with a conference on "Reinventing Retirement Asia: Enhancing The Opportunities of Aging" held in Tokyo March 15-16, AARP released a survey of opinion leaders in Asia and Oceania, which reveals that most believe their countries are ill prepared to deal with the challenges of an aging population. Although the survey report covers several aspects of aging and society, two core focuses were on older workers and retirement.

AARP's report--"Aging in Asia and Oceania: AARP Multinational Survey of Opinion Leaders 2006"--was prepared by Princeton Survey Research Associates International thrugh a survey of opinion leaders in the United States and in seven countries in Asia and Oceania. The survey was designed to increase AARP’s knowledge of aging issues and attitudes in key Asian markets and to compare attitudes and policies towards aging in the US to attitudes and policies in Asian and Oceanian societies.

According to the overall summary, opinion leaders vary as to the age at which a worker becomes an "older" worker:

Averaging 60 years of age among all opinion leaders interviewed, the average age at which opinion leaders would consider someone an older worker varies somewhat from country to country, ranging from a high of age 66 in Japan to a low of age 55 in Australia. Half of opinion leaders say that the transition to becoming an older worker occurs some time between the ages of 60 and 69.

Other key findings show that opinion leaders perceive older workers as wise, respected, and productive, but that "businesses do not see older people as a
potential source of productive labor and employers are not well prepared for a future workforce comprised of more older workers." Opinion leaders also say that it is a responsibility to society to address older worker issues, older workers should be accommodated, the mid-60's is an appropriate time to retire, and that there should not be mandatory retirement.

In addition to the full report, AARP has issued specific country reports for the United States and for these Asian or Oceanian countries:

• Australia
• China
• India
• Japan
• New Zealand
• Singapore
• South Korea

Source: AARP News Release (March 14, 2007)

New Zealand: Survey Shows Surge in Number of Older People in Paid Work

According to a new analysis published by the New Zealand Department of Labour, more older New Zealand workers are staying on the job, with New Zealand recording one of the highest workforce participation rates in the OECD for the 50-64 year age group. The report--"Older People in Work: Key Trends and Patterns 1991-2005"--shows a surge in the number of older people in paid work, with 77% of 50-64 year olds working in 2005, compared with just 57% in 1991. By comparison, Australia’s participation rate is around 10 percentage points lower, according to Department of Labour Group Manager for Workforce Policy Lesley Haines.

Haines particularly noted that the growth of participation by older women--from about 45% to about 70%. “Factors contributing to this growth include the fact that women are pursing careers across their lifetime, technological changes to the nature of work and ongoing skills shortages. Raising the age eligibility for superannuation has also played an important part."

She also pointed to additional research released by the Department of Labour--"45 plus: Choices in the Labour Market"--which provides an insight into drivers and barriers to paid work for people over the age of 45.

Source: New Zealand Department of Labour News Release (March 6, 2007)

The report is also available in PDF or Word formats.