Federal Budget 2014: What you need to know if you’re in recruitment or talent management.
Described as tough and unfair, much like business as usual, the Federal Budget 2014 has left no stone unturned. There’s a real divide between those who will gain, and those who will feel the pain in Joe Hockey’s Federal Budget, but one thing’s for sure, ‘times are a changin’ and the era of entitlement is well and truly over.
While the media’s saturated us with commentary around the Federal Budget this week, I thought I’d pull out the key announcements you should be aware of if you’re in recruitment and talent management:
- Job cuts to public service
Public service will lose 16,700 people over four years, 230 programs and 70 boards and councils. Departments to be affected include DFAT, AusAid and potentially ATO staff.
- Push to hire older workers
Employers will be paid $10,000 upon hiring a person aged over 50 in a full-time job.
- Support for working mothers
Working mothers will receive six months paid parental leave from 1 July 2015, capped at incomes of $100,000 a year.
- Stay at home Mum’s encouraged to return to work
Family welfare payments will be restricted and the spouse rebate for stay at home parents (who are typically Mums) will be scrapped under Family Tax Benefit A.
- Students to pay more for tertiary education
Tuition fees will be deregulated and course subsidies will be cut by 20% forcing universities to pass on costs to students.
- Harsh measures for young unemployed and reduced investment in skills training
Under 30s face a six month wait for reduced dole without commensurate investment in training. $1Billion taken out of apprenticeships and training with business required to make co-contributions towards the cost of training. Read more about ‘harsh measures for young job seekers’.
- Australians will work longer
Retirement age at which employees can claim the age pension will increase to 70 by 2035.Keen to get your comments on how you think either of these measures may affect our industry and the Australian workforce in general?
Keen to get your comments on how you think either of these measures may affect our industry and the Australian workforce in general?
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