Browse below for Financial Resources aimed at mature-age workers and their employers
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Restart
Restart is a financial incentive of up to $10,000 (GST inclusive) to encourage businesses to hire and retain mature age employees who are 50 years of age and over.
Age Pension eligibility rules
The age at which Australians are eligible for the Age Pension is gradually increasing, starting from 1 July 2019 and every six months until 1 July 2023, when the age will be 67.
Superannuation preservation age
The age at which Australians can access their superannuation is called the preservation age. This age increases progressively depending on the person’s year of birth.
Work Bonus
The Work Bonus allows help older Australians to do some paid work, while continuing to receive an Age Pension. The bonus was increased to $300 per fortnight from 1 July 2019.
New Enterprise Incentive Scheme
Mature workers who are not in training, or employed, may be eligible for New Business Assistance through the Department of Education, Skills and Employment. The New Enterprise Incentive Scheme (NEIS) provides the following:
- Accredited small business training
- Personalised mentoring and support from a NEIS provider in the first year of the new business to help the individual put their business idea into practice
- NEIS Allowance for up to 39 weeks and NEIS Rental Assistance for up to 26 weeks (if eligible).
More information on NEIS and accredited NEIS providers can be found here.