Retirement intentions, equal pay and job ads

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Retirement intentions, equal pay and job ads

50% of Australians plan to retire aged 65–69 years | Equal remuneration research report | Job ads fell in November, but still positive signs

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50% of Australians plan to retire aged 65–69 years
 
Only one-fifth of Australians over 45 years of age plan to retire from the labour force at 70 years and older, with one-half expecting to retire between 65 and 69 years of age, a new survey from the Australian Bureau of Statistics (ABS) reports.

Director of Labour Force at the ABS, Stephen Collett, said the survey asked people aged 45 years and over about their plans for retirement.
 
‘We found that, of the 2.3 million people who gave an age that they intended to retire, 17 per cent intended to retire at 70 years and older, 49 per cent intended to retire between 65 and 69 years and 25 per cent intended to retire between 60 and 64 years, with the average intended retirement age being 63.4 years,’ said Mr Collett.
 
‘Around half of the 3.7 million people aged 45 years and over, who indicated that they intend to retire from the labour force, reported their main expected income at retirement would be “superannuation, annuity or allocated pension”.’
 
The ABS also reports that compared to earlier cohorts, people are remaining in the labour force longer than expected, and are more likely to be doing so in part-time employment.
 
There were some differences reported between those who had already retired compared to those who intended to retire regarding their main expected source of personal income at retirement.
 
Further details can be found in Retirement and Retirement Intentions, July 2012 to June 2013 (cat. no. 6238.0) available for free download from the ABS website.
 


Equal remuneration research report
 
An independent research report — Equal Remuneration under the Fair Work Act 2009 — has been published by the Fair Work Commission’s Pay Equity Unit.
 
The report, which was authored by Dr Robyn Layton AO QC, Dr Meg Smith and Professor Andrew Stewart, is published in response to the Pay Equity Unit’s research priorities, which were announced in June 2013.
 
Building on previous Commission research for Research Report 5/2011 — Review of equal remuneration principles — and drawing on the Equal Remuneration Case 2010–12, the ER Report explains key constructs, identifies the usefulness of material parties may bring to equal remuneration proceedings, and directs parties to key resources which may be relevant to an equal remuneration case.
 
The report can be found on the Commission’s website.
 


Job ads fell in November, but still positive signs
 
The latest ANZ Job Advertisements series shows:
    • ‘Job advertisements fell 0.8% m/m in November, after recording close to no growth over the prior two months.
    • While overall job advertising is still trending modestly lower, there are some positive signs of improving labour demand in some states. Together with trends in other labour demand measures, ANZ newspaper job ads in the most populous state, New South Wales, have stabilised over the past four months, while job advertising in Victoria is falling at a slower pace. The pace of decline in job ads also appears to be moderating in Western Australia which is a positive sign given that falls in labour demand in the mining states have been a significant drag on overall labour demand this year. Job advertising continues to fall quite sharply in the ACT.
    • Job ads were 10% lower than a year ago in November. The trend decline in job ads has slowed to 0.3% m/m which is the slowest rate of decline since early 2012.
    • Newspaper and internet job advertisements fell by similar amounts in November: newspaper job ads fell 0.8% m/m while internet job ads fell 1.0% m/m. Newspaper job ads across all states except for Western Australia fell in November.’
ANZ Head of Australian Economics, Corporate & Commercial, Justin Fabo said:
‘After falling for most of this year, the rate of deterioration in job advertising has slowed. While across the different measures of labour demand there have been some signs of stabilisation, it remains unclear whether this will persist and result in an increase in labour demand over the next couple of months. We will continue to watch job advertising trends very closely.’
 
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