Workplace discrimination leads to early retirement
As almost half the workers over age 55 struggle with job search exclusion and many face forced early retirement, the Australian Institute of Superannuation Trustees (AIST) has welcomed an inquiry by the Australian Human Rights Commission into employment discrimination against older workers and those with a disability.
Research from the AIST and the Australian Centre for Financial Studies found in 2014 that 45 per cent of workers over 55 struggle to secure jobs, compared to 30 per cent of those aged between 45 and 54.
"Up to 40 per cent of Australians don't get to choose when they retire and a significant number of these people have experienced workplace discrimination," AIST chief executive Tom Garcia said.
Additionally, those with a disability are seven times more likely to be compelled into early retirement, affecting their financial future, Garcia said.
The Commission will consult across Australia and expects to have the report to the Attorney-General by July 2016.
The comments come even as Women in Banking and Finance (WIBF) recently surveyed 400 attendees (both men and women) at a business series lunch and found 46 per cent felt companies need to look at the lack of women in boards and senior roles.
Flexibility rated as the second priority, with 40 per cent asking for more flexibility in the workplace, while 27 per cent cited ethnic diversity as an issue.
"This survey was particularly important because we know companies in this sector are trying to address these issues," WIBF chief executive Amanda Dobbie said.
AUTHOR
Malavika Santhebennur
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