SYDNEY, July 25 (Xinhua) -- An active workforce comprising the old can deliver gains of up to 78 billion Australian dollars (58.32 billion U.S. dollars) towards the economy, a new finding shows.
The new PwC global report shows that overall Australia was ranked 16 of 34 Organisation for Economic Co-operation and Development (OECD) countries.
PwC economics and policy partner Jeremy Thorpe says that the population of those aged 60 and above in high income countries including Australia will grow by around a third to 400 million by 2030.
"The Golden Age Index shows that compared to other OECD economies, older Australians are under utilized in the labor market and our policy frameworks may inhibit their ability to make important contributions to our economic, social and public life," Thorpe said.
Thorpe said the report was designed to stimulate debate about ageing policy and that keeping older Australians in the workforce longer increases both GDP and tax revenues.
He also said that an employed older generation could also lead to a healthier population in the future.
"There is considerable economic gain to Australia in encouraging more older Australians into the workforce. We have a rapidly ageing population and this puts pressure on the health and social care systems and also threatens the financial sustainability or some public and private pensions," he said.
