the retirement quandary

There are a lot of older workers in Australia who are in a quandary about when to retire. Of course some have no choice. They have redundancies forced upon them.

Some veteran workers count the months until they turn 55 and can collect their super. Some can’t wait to retire.

But the quandary I am referring to is the skilled worker who doesn’t  want to retire but doesn’t to keep working full-time. But many, if not most, employers  virtually say “ take it or leave it”. Take retirement or keep working full-time. Often workers cannot afford to retire at 55. They still need the money.

That’s why I was intrigued by the change in policy at the ANZ Bank. The bank will guarantee all staff over 55 the right to work part-time. There are couple of understandable restrictions. Employees will be eligible if they have five years service and will be allowed to work part-time in their current job or in another position at the bank.

Presumably that’s so a worker denied part-time work at a different bank  can’t join the ANZ at say 54. And some positions in banks DO require full-time workers.

The ANZ says the new policy is part of a strategy to retain mature, skilled workers. They claim it is a first in the finance sector.

Mature workers do have skills that younger workers have not yet acquired and those older workers, working part-time can have the best of both worlds.

Finance Sector Union national secretary PAUL SCHRODER has welcomed the plan but, typically for a union boss, hints at something sinister -- warning the bank not to use the policy as a way of getting rid of older workers.

(About six per cent of ANZ's 18,000 Australian employees are  over 55 years old.)

I think it is a great idea. And it feels funny writing something good about a bank for a change.

Tuesday, September 20, 2005

©Copyright Derryn Hinch 2005