For the private sector in Malaysia, the retirement age has remained at 55. This is set to change when the Minimum Retirement Act 2012 comes into effect on 1 July 2013. In Singapore, under the Retirement and Re-employment Act which was implemented in 2012, employers must offer re-employment to workers turning 62, at least up to 65.
|Straits Times 2 May|
Whatever the retirement age, there will always be mixed views from the stakeholders. The government can't please all parties concerned, and compromises have to be made.
Employers see the new minimum retirement age in terms of higher costs in payroll and healthcare provisions. Fresh job seekers see fewer opportunities open to them while ambitious young professionals see a longer wait for career promotions.
|A Straits Times reader expresses her views on the employment of older workers|
What about older workers? Their views about retirement have certainly changed. While there are still many who can't wait to clock out for the last time at their place of work, a growing number want to continue working as long as possible. And it's not just to keep themselves physically and mentally busy. More importantly, they need the financial security that a steady job offers. As it is, many are struggling to cope with the rise in the cost of living.
|Mr Lim is representative of baby boomers who have to work for as long as possible to make ends meet.|
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