Mandatory retirement age to be reviewed
KUALA LUMPUR : The mandatory age for retirement will be reviewed, as Malaysia is heading towards becoming an aged nation, Prime Minister Anwar Ibrahim said when tabling the 13th Malaysia Plan today.
In May, law and institutional reform minister Azalina Othman Said proposed that the government study extending the retirement age to 65, saying many retiring employees remained active and capable well into their 60s.
In 2014, Malaysia raised the retirement age to 60 for both the public and private sectors, from 58 and 55, respectively.
The move was aimed at providing financial support for the elderly while promoting healthy, active ageing.
Anwar said then that a proposal to raise the mandatory retirement age required careful consideration.
The statistics department previously said Malaysia would likely reach aged nation status sooner than expected, with over 17% of the population expected to be aged 60 or above in 2040.
As of last year, this group made up 11.6%, or 3.9 million, of the total population of 34.1 million.
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