Malaysia - Survey: Most want higher retirement age

KUALA LUMPUR - The majority of Malaysian job seekers support the call to raise the current retirement age of 55, according to a survey.

Of the 3,485 job seekers from JobStreet.com's database, 72% agreed with the increase.

The top reason (84%) was because working Malaysians needed more retirement savings due to the increase in life expectancy.

A total of 73% also cited that it allowed retention of talent especially for jobs that require experience.

The respondents in the survey were aged between 18 and 41.

Although the majority agreed to a higher retirement age, there were reservations about the effects of the implementation.

A total of 46% said they were concerned that the retained workers might be less effective due to the increase in age and the elderly might have health issues, thus becoming less effective at work.

Interestingly, of the 965 respondents who disagreed with raising the retirement age, over 66% of them were aged between 18 and 35.

The main reason for their concern was that workers might be less effective when their age increased.

The second top reason was that there would be fewer job openings for graduates.

Some even felt that the elderly should be enjoying their retirement early rather than prolonging their work life.

Respondents were also asked if they thought that the Employees Provident Fund (EPF) withdrawal scheme should be amended in tandem with the retirement age.

A total of 64% agreed.

When queried further on how such a scheme should be implemented, a large majority felt they should have the option to withdraw at age 55.

A minority, however, were inclined to withdraw according to the new retirement age.

Many were also quick to point out that withdrawal of EPF savings at age 55 should be flexible, allowing for partial withdrawals.

The Star/Asia News Network

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