INTHEBLACK April 2025 - Magazine - Page 48
F E AT U R E
“People are living longer, retirement age is increasing,
and superannuation rules allow for a ‘transition to
retirement’, which all lead to people wanting to stay
in employment longer.”
GLORIA SLEABY FCPA, CPA AUSTRALIA’S VICTORIAN THIRD AGE NETWORK (TAN)
Providing flexible work options and
financial incentives are two important parts
of the puzzle that may help more people
retain employment or find some version
of employment that suits their age and
lifestyle, he says.
“Most people retire with a modest amount
of superannuation and some or all eligibility
for the Age Pension. A lot of people reach
retirement and start drawing down their
super and receiving the Age Pension,
then realise that they may not have as much
money as they thought — that’s a key driver
for seniors deciding they’re going to go back
to work again.”
The problem is that there are financial
penalties for earning too much, Webb says.
“We already have some levers to use
in Australia, including the Work Bonus
that allows people to earn some money
in retirement before it affects their social
security, but perhaps there are others
to explore, particularly in areas where
there are skill shortages.”
Increasing the limit on earnings from
A$300 per fortnight (for the Work Bonus)
is an example, he argues.
“Wouldn’t it be great to entice retired
accountants back to the workforce with
some kind of targeted incentive? We could
give a little bit more leeway than the A$300
that’s provided for.”
EMBRACING FLEXIBLE OPTIONS
Co-chair of CPA Australia’s Victorian
Third Age Network (TAN), Gloria Sleaby
FCPA, says taking a flexible approach
to engaging older workers can help with
the skills shortage.
“The benefit of keeping older people
is you don’t need to train them in the basics
of workplace behaviour,” she says. “Really, all
48 INTHEBLACK April 2025
you have to teach them is the nuance of your
own company.”
Offering part-time opportunities including
job-share arrangements and encouraging
older people to work out their own work-life
balance are steps employers could be looking
at, Sleaby says.
“It’s a win-win for any organisation,
because younger people need mentors
and older people can help lift people’s skills.
It should almost be part of the succession
plan of the business to rotate the early learners
with those who are more experienced.”
One thing that stops that from happening
is a fear of having a conversation about
retirement. Unlike people beginning their
career, where advice is available to help
people plot their path, there is no
equivalent when your career is winding
down, Sleaby adds.
“It would be good if it could be painted
as a relaxed and normal conversation. We all
want to stop working at some point, so why
don’t we ask, ‘Where are you on that scale?’
Don’t be afraid to have that conversation if
people want to have it,” she says.
“People are living longer, retirement age
is increasing and superannuation rules allow
for a ‘transition to retirement’, which all lead
to people wanting to stay in employment
longer,” Sleaby says.
However, this doesn’t necessarily mean
staying in full-time employment.
“Retirement for some people means having
a work and leisure balance that provides
enough time to play and enough time
to work, so they can enjoy both — especially
if they have the financial ability to do both.
“That’s the biggest retainer of people:
creating the right environment so they can
enjoy their work and have a sense
of purpose,” Sleaby says. ■
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