Australians putting off retirement, FBT car change impact

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Australians putting off retirement, FBT car change impact

Older Australians working for longer: report | FBT car changes: major impact for 56% SMEs

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Older Australians working for longer: report
 
The biennial Australia’s welfare report for 2013, published by the Australian Institute of Health and Welfare (AIHW) and released today, has found that Labour force participation rates for older Australian have risen significantly.
 
Over the past decade, labour force participation rates for men aged 60–64 rose considerably from 48 per cent in 2002 to 63 per cent in 2012. For men aged 65–69, the rise was from 20 per cent to 34 per cent.
 
Among women aged 60–64, participation rates rose from 25 per cent in 2002 to 44 per cent in 2012. For women aged 65–69, the rise was from 9 per cent to 20 per cent.
 
Reasons for the increase in older workers in the labour force include better health contributing to increased longevity, but also significant numbers affected by the global financial crisis (GFC) need to remain in the workforce for longer in order to recoup savings they had lost, according to National Seniors Association chief executive Michael O’Neill. Fears about cost of living and inadequate superannuation are also a factor.
 
Part-time work is popular
 
The report also found that in 2012, just over one-half (53%) of employed people aged 65 and over worked part time, with women more likely to do so than men (69% compared with 45%).
 

 
FBT car changes: major impact for 56% SMEs

A survey of small and medium sized (SMEs) clients of a major fleet management company shows that 56 per cent of respondents said the FBT change would have a ‘major’ or ‘significant’ financial impact on their businesses. Only 13 per cent of those surveyed said the changes would have no financial impact at all.
 
The survey of 200 Fleetcare clients, conducted nationally found that 46 per cent say they will keep their cars longer, 36 per cent intend cutting back on their fleet size and 24 per cent are moving to cash allowances for drivers, instead of providing cars. Just 30 per cent intend to maintain their current fleet size.
 
Log books
 
Survey respondents said that in their experience only 18 per cent of drivers complete log books accurately. Other findings include:
    • The risk to businesses in ensuring log book compliance is deemed ‘unacceptably high’ by 26 per cent of respondents and ‘high’ by 30 per cent.
    • And 45 per cent say they do not have the resources today to manage log books.
Respondents
 
The survey respondents were mainly from small businesses (56% employ 15 people or less) with a small component (8%) having over 100 employees. Most (79%) had between 1 and 10 vehicles in their organisations, with a further 13 per cent having fleets of up to 30 vehicles. The remaining 10 per cent comprised much larger fleet sizes.
 
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