The underlying statistics of unemployment - again a timely piece in last week's Sydney Morning Herald that suggests "employed" can mean as little as doing 1 hour / month - please don't spend the proceeds all at once, the economy won't be able to handle the rush!!
I promised I'd follow up on last Friday's blog in relation to the real figures pertaining to older age un/employment.
As it turns out, my summation was backed up by the good people at the Australian Bureau of Statistics who provided me the specifics (very prompt customer service by the way!).
And while you can sit there reading the numbers, saying, "well the number is consistent with the rest of the population, the number they don't talk about is the "Participation Rate". The age bracket goes from 35-44, then 45-54, and 55 - 59. Participation is constant through the ages at ~85%, but takes a 10% dip after 55 to 75%, and then a further 20% to 55% at age 60.
So a high level read of this statistic tells us that from 55 years old through to retirement, something like almost HALF of the available workforce stops appearing on the register as "participating".
One could surmise we have a lot of wealthy "I've made my money, and I'm done!" early retirees, or we have far too many out there really looking for work, illegible for benefits, or living off their remaining assets before they can retire.
Let's see if we can start addressing this missing ~50% of the ageing population and get them gainfully employed.
Great to see the blog readership is increasing, please share this with other interested people.
Have a great day.
Dom
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