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As part of the White Paper, the government has announced it will now permanently increase the Work Bonus limit by $4,000. This is a significant victory for National Seniors Australia in its ongoing campaign to remove barriers for Australians who want to work after retirement.
The Work Bonus was increased from $7,800 to $11,800 last year so older people could work more without losing 50 cents in the dollar from their pension. This was a temporary measure until the end of 2023, but this change will now be permanent from 1 January 2024.
Welfare recipients will also get to hold onto their concessions for longer if they get a job.
Currently, a job seeker who finds work can retain access to government concessions for up to 12 weeks. This will double to 24 weeks from 1 July 2024 to further smooth out the transition to work and avoid unintended consequences if a person loses their job.
Aside from these immediate changes, the White Paper sets out five key objectives to guide government policy:
delivering sustained and inclusive full employment
promoting job security and strong, sustainable wage growth
reigniting productivity growth
filling skills needs and building our future workforce
overcoming barriers to employment and broadening opportunity