McKellar: 50% work bonus increase to boost pensioners’ workforce participation

Image credit: ACCI

A 50 per cent increase in the aged pension work bonus is expected to provide greater flexibility for older Australians who want to return to the workforce, said Andrew McKellar, CEO of the Australian Chamber of Commerce and Industry (ACCI). 

In a statement issued by the ACCI Monday, the increase, amounting to $4000, comes with changes to pension reapplication rules that will remove some barriers for pensioners who want to make a real difference in their lives and hello businesses facing workforce shortage. 

“With greater flexibility, pensions can choose short-term or seasonal work, or take up extra hours each week,” McKellar said. 

In 2021, the ACCI and its state chamber network launched a campaign that urged the Australian government to allow pensioners to earn more income without losing benefits in order to encourage more pensioners back into the workforce. 

“The experience and expertise of older Australians should not be ignored. Changes to aged pension income settings announced today will provide greater flexibility and encourage more older Australians to re-enter the workforce,” the ACCI head added. 

“Without access to skilled workers, including older Australians, businesses cannot compete in the global economy.”