The 50-somethings are reshaping the labour market. Over the past decade, ageing baby boomers in the over-55 year age bracket have increased their share of the workforce from 8 per cent to 11.5 per cent, with their job growth in some years topping 10 per cent, an Age/Sydney Morning Herald study has found. The employment forecast has found that there are now 1,036,000 Australians aged 55 to 65 in the workforce, up from 613,000 in 1995. There are 733,000 over-55s working full time, up from 455,000 in 1995. Over the same period, the number of older part-time workers has doubled from 159,000 to 303,000. Almost 20 per cent of older workers are found in small businesses (including farms) compared with 11 per cent of the general population; and about 14 per cent – almost double the average for all workers – own their business. The study suggests that income increases with age. Older workers earn on average $45,600 a year, compared with the average wage of $42,300. One possible reason for this: the largest number of older workers (129,000) are found in the potentially lucrative areas of property and business services. They are also concentrated in higher-paid roles: 192,000 of
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