Submitted by admin on September 26, 2011
KUALA LUMPUR, Sept 26 — Private sector employees will be allowed to work until they are 64, with a minimum mandatory retirement age of 60 under a new law being drafted by the government. The Private Sector Retirement Age Act will mandate retirement at 60, with an option for a four-year extension. “This means that the retirement age will be raised ...
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One Response to “My Story, Private sector retirement age to go up” Leave a reply ›
It would be better to increase the Private Sector Retirement Age to 60.
i) Employees are able to contribute towards the progress of the country.
ii) Lessen the dependence on foreign labour. Imagine a Malaysian retire at 55 and searching for odd jobs to do so that he/she could still continue to support he/she family. Meanwhile the foreign worker earns a big amount and sends it to his/her mother country. This situation is definitely not good for Malaysia.
iii) Many Malaysians have married late, thereby they still have school going children. If they retire at 55, then they will have to enlist the help of the Welfare Department to support the expenses incurred by their children. This will be a greater burden to the Government.
iv) The knowledge of the experienced workers is invaluable. They should be allowed to work longer.
vi) Instead of idling at home or doing odd jobs, it would be more productive, if these experienced people are allowed to contribute to the country's workforce for another 5 years or more