The State Government has flagged plans to allow public sector workers aged over 55 to access their superannuation entitlements while continuing to work, in an effort to retain experienced employees.
The State Government has flagged plans to allow public sector workers aged over 55 to access their superannuation entitlements while continuing to work, in an effort to retain experienced employees.
The full text of an announcement from the Premier's office is pasted below
Premier Alan Carpenter today announced a new scheme aimed at retaining experienced public sector employees.
The transition to retirement initiative will encourage individuals aged 55 years and over to remain in the public sector workforce by providing access to superannuation entitlements, while continuing to work full time or changing to more flexible working hours.
Mr Carpenter said it was well known that Western Australia's strong economy was putting pressure on the State Government's ability to retain experienced public sector employees.
"However, the strategy being announced today will help keep key and experienced personnel in the employ of the State Government," he said.
"It will be particularly helpful in areas such as Education, Health and Police.
"Under the scheme, significant financial benefits will be available to employees through flexible income and superannuation arrangements.
"The financial incentives will assist in retaining experienced employees who are more than 55 years of age.
"Used in conjunction with existing flexible work practices, the scheme provides employees and employers with even more choices.
"It may in fact be possible for some employees to work part-time without reducing their income.
"This will provide a great incentive for experienced workers to stay in the public sector."
In 2006, more than half (54 per cent) of the full time permanent public sector workforce was aged 45 and over and the proportion of that workforce aged 55 years or over was almost 20 per cent*.
Transition to retirement can form part of a range of initiatives to attract and retain public sector agency workers.
From January 2008, Public Sector employees in GESB's defined benefit schemes, Gold State Super and the Pension Scheme, will be able to access their retirement benefit early.
WA is the first jurisdiction in Australia to extend full transition to retirement arrangements to unfunded, defined benefit schemes.
GESB is currently working with employers and other key stakeholders on this initiative and employees will receive further information on this exciting development in the near future.
*Department of the Premier and Cabinet's 'Meeting the Challenge: Attracting and Keeping Public Sector Employees' page three.
