Higher retirement age should target specific sectors, says economist
The Putra Business School academic cautioned against blanket implementation, noting physically demanding jobs may strain older workers.
'Education, administration, or consultancy roles suit extended retirement due to their reliance on experience,' he told Bernama.
He contrasted this with labour-intensive sectors where prolonged employment may prove impractical.
Chief Secretary Tan Sri Shamsul Azri Abu Bakar recently confirmed a study is underway to review raising civil servants' retirement age.
The proposal remains in early stages, requiring thorough analysis before approval.
Ahmed Razman highlighted EPF data showing most private-sector workers lack adequate retirement savings.
He urged a holistic approach, combining policy changes with social protection enhancements and wakaf asset utilisation.
The time bank concept, he added, could let younger individuals earn care credits for later life.
Prime Minister Anwar Ibrahim previously linked retirement age reviews to Malaysia's ageing population projections.
The 13th Malaysia Plan noted the review would assess financial and employment impacts.
Minister Azalina Othman Said earlier advocated raising the retirement age, citing seniors' sustained productivity.
Civil servants currently retire at 60, matching the private sector's minimum under 2012 laws. - Bernama
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