Australia Tries to Keep Older Workers in the Workforce

When Australia introduced its age pension in 1909, only 4% of the population was living long enough to claim it. Today, with life expectancies growing, 9% of Australians draw a full or partial government-funded age pension, often for more than 20 years, according to the Academy of Management Journal. Australia plans to incrementally increase the official retirement age to 70 by 2035, making its retirement age the highest in the world, and the government has a plan to offer cash incentives for companies that hire unemployed people over 50.