Retirement: ‘Do I really have to come in tomorrow?’

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Retirement: ‘Do I really have to come in tomorrow?’
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Tree care is vital in urban landscapes and involves concerted efforts from various parties, including arborists and conservation biologists.

As Malaysia moves toward becoming a super-aged nation, rising life expectancy has been cited as a justified cause to review the current retirement age in the country.

After all, Malaysia is already on the path to becoming an ageing nation. A 2020 World Bank study projects that by 2044, 14% of Malaysia’s population will be over 65, rising to 20% by 2056. “It is not appropriate to increase the retirement age as in 2023, the youth unemployment rate in Malaysia remained high at around 12.49%.

“I am against a compulsory retirement age. It should be a personal matter, decided based on the availability of personal savings,” says the Universitas Prasetiya Mulya faculty member. Dr Syed Hussain: Raising the retirement age will hinder efforts to rejuvenate the labour market and economy.— Photos: The Star“Although it may be beneficial to extend the retirement age in terms of maintaining an aged workforce with a good track record and for those who have insufficient retirement savings, it is a big challenge for employers.

“High-skilled workers refer to employees with advanced education, expertise, or technical skills, and knowledge or experience in the formal sector, usually in senior managerial or supervisory roles. “There are alternatives to simply increasing the mandatory retirement age. We could introduce a Re-employment Act, similar to those in Singapore and Japan, where older workers are offered re-employment after reaching retirement age.”Chai says this approach allows older workers to continue working as long as they are willing and able. Companies would be required to offer job contracts, but retirees are not obligated to accept them.

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