Hiring mature age staff for your business has a multitude of benefits. Did you know the Federal Government has incentives in place for hiring staff who are over 50, one of which is the Restart incentive for business?
Through Restart, eligible businesses can receive wage subsidies over a six month period, up to the amount of $10,000. If this sounds good (and we think it’s a no-brainer), you may be wondering is my business eligible?
The answer is yes, as long as your business meets the required criteria which includes:
- Having an Australian business number (ABN)
- Your business has not previously been receiving payments through this incentive for the same employee
- Being able to provide at least twenty hours of work per week for at least six months
So that covers the monetary incentives, but how about the incentives on an employee level?
Mature age workers can bring many years of experience and knowledge to a role, providing different perspectives, advice on improving processes and training or mentorship of younger staff members.
If you want to delve a little deeper, this government tool kit is a great guide to employing staff aged 45 and over.
And if you’re a mature age employee looking to enter, or re-enter the workforce there are a couple of things you can do to better your chances with potential employers. Firstly it pays to know about the Federal Government resources and incentives available, so feel free to pass the Restart information on to employers. Also, keep up to date with the latest employment news that may affect you here.
Upskilling and keeping your knowledge current is also essential, here at ET Australia we offer a range of different course options, such as Business Administration and short courses in subjects such as the Microsoft office programs. Our course options are perfect if you need to brush up or if you’re thinking of trying out a different career path. We’re firm believers that it’s never too late to find your dream job!
According to Deloitte Access Economics an extra 3% labour participation rate in workers over 55 years of age is estimated to account for a $33 annual billion boost to Australia’s economy, a 5% increase in participation, would see a $48 billion boost to the economy.
So it looks like a win-win all round, employing mature age workers can benefit the employer, the employee and the country as a whole.
RTO ID 90084