13-05-2025
Can your company force you to retire?
CAPE TOWN - Many companies have a formal retirement age of 60, which surprises employees who expect to work longer.
WATCH | Money matters | Are you overpaying on credit insurance?
Research done by Sanlam found that, based on the average retirement savings, most South Africans can only afford to retire at the age of 80.
The 2023 FNB Retirement Survey found that while 45% of respondents said their company had a mandatory retirement age, only 25% knew what that age was.
According to personal finance journalist Maya Fisher-French, if a person is highly skilled and there is a great demand for that skill, the corporation may agree to keep them.
They may extend the contract year after year or change it to 65 years, but there is no certainty that this will happen.
Companies typically seek to decrease costs, and older people are more expensive.
