Latest news with #MinimumRetirementAgeAct2012
Focus Malaysia
3 days ago
- Business
- Focus Malaysia
Higher retirement age only suitable for certain sectors, says expert
THE proposal to raise the retirement age to 65 should be limited only to specific sectors that require expertise and intellectual skills, according to economist Dr Ahmed Razman Abdul Latiff. Ahmed Razman, who is from Universiti Putra Malaysia's Putra Business School, said the move should not be implemented across the board, as there are sectors that require physical strength, which may burden workers as they age. 'Sectors such as education, administration or consultancy are more suitable for considering a higher retirement age as they rely on experience and critical thinking. But for jobs requiring physical labour, it may not be practical,' he told Bernama on Thursday (Aug 7). Yesterday, Chief Secretary to the Government Tan Sri Shamsul Azri Abu Bakar announced that the Public Service Department will carry out a comprehensive study on the proposal to raise the mandatory retirement age for civil servants to 65. He said the proposal is still at a preliminary stage and requires in-depth scrutiny before any decision is made. Ahmed Razman said the retirement age issue requires careful consideration as Employees Provident Fund statistics revealed that the majority of contributors from the private sector do not have sufficient savings for retirement. He noted that any increase in the retirement age must be implemented as part of a multi-pronged strategy, including strengthening social protection, utilising wakaf (endowment) assets and introducing the concept of a time bank to address the challenges of caring for an ageing population as Malaysia is expected to become an aged nation by 2043. He explained that a time bank allows individuals to contribute time and effort while they are young, which can later be credited and redeemed as care services in old age, thereby reducing care costs and easing the government's fiscal burden. Previously, Prime Minister Datuk Seri Anwar Ibrahim, when tabling the 13th Malaysia Plan in the Dewan Rakyat on July 31, stated that the mandatory retirement age will be reviewed in line with Malaysia's transition towards an aged nation. The review will involve various aspects, including financial implications and the impact on job opportunities, which must be considered before a final decision is made. In May, Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said also proposed raising the mandatory retirement age from 60 to 65, arguing that individuals at that age remain healthy and can continue contributing productively to the national workforce. Currently, the mandatory retirement age for civil servants is 60, which is also the minimum retirement age for the private sector under the Minimum Retirement Age Act 2012. ‒ Aug 7, 2025
The Star
3 days ago
- Business
- The Star
Longer careers for civil servants?
PUTRAJAYA: A study on raising the retirement age for civil servants from 60 to 65 will be done by the Public Service Department (PSD), says Tan Sri Shamsul Azri Abu Bakar (pic). The Chief Secretary to the Government said an in-depth study of the proposal is necessary before any decision is made. 'There has been no study on the proposal so far. So, the PSD will conduct one first,' he told reporters after attending a lecture titled 'State Capacity and Directed Growth: A Mission-Oriented Approach' by renowned economist Prof Mariana Francesca Mazzucato here today, Bernama reported. On July 31, Prime Minister Datuk Seri Anwar Ibrahim announced that the retirement age policy would be reviewed in line with Malaysia's demographic shift towards an ageing nation. The proposal is part of the ninth strategic thrust of the 13th Malaysia Plan (13MP), which focuses on advancing social justice and equal opportunities for all citizens. Anwar added that various factors, including financial implications and job market dynamics, would be considered before a final decision is made. In May, Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said proposed that the government consider increasing the retirement age for civil servants. She argued that it was a loss to force capable individuals to retire at 60 when many are still active, productive and able to contribute meaningfully to the workforce. Currently, the mandatory retirement age for civil servants in Malaysia is 60, which also serves as the minimum retirement age for private sector workers under the Minimum Retirement Age Act 2012.
Borneo Post
4 days ago
- Business
- Borneo Post
Public Service Department to study proposal to raise civil service retirement age to 65
Shamsul Azri says an in-depth study of the proposal is indeed necessary before any decision can be made. – Bernama photo PUTRAJAYA (Aug 6): The Public Service Department (PSD) will conduct a study on the proposal to raise the mandatory retirement age for civil servants from 60 to 65. According to Chief Secretary to the Government (KSN) Tan Sri Shamsul Azri Abu Bakar, an in-depth study of the proposal is indeed necessary before any decision can be made. 'There has been no study on the proposal so far. So, the PSD will conduct one first,' he told reporters after attending a lecture titled 'State Capacity and Directed Growth: A Mission-Oriented Approach' by renowned economist Prof Mariana Francesca Mazzucato, here today. On July 31, Prime Minister Datuk Seri Anwar Ibrahim, when tabling the 13th Malaysia Plan (13MP) in Parliament, announced that the retirement age policy would be reviewed in line with Malaysia's demographic shift toward an ageing nation. The initiative is part of the ninth strategic thrust of 13MP, which focuses on advancing social justice and equal opportunities for all citizens. Anwar previously stated that various factors, including financial implications and job market dynamics, must be considered before making a final decision on the matter. In May, Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said proposed that the government consider increasing the retirement age, arguing that it was a loss to force capable individuals to retire at 60 when many remain active, productive, and able to contribute meaningfully to the workforce. Currently, the mandatory retirement age for civil servants in Malaysia is 60, which also serves as the minimum retirement age for private sector workers under the Minimum Retirement Age Act 2012. – Bernama KSN Shamsul Azri Abu Bakar mandatory retirement age proposal psd study
The Star
4 days ago
- Business
- The Star
Govt studying proposal to raise mandatory retirement age to 65
PUTRAJAYA: The Public Service Department (PSD) will study the proposal to raise the mandatory retirement age for civil servants from 60 to 65. According to Chief Secretary to the Government Tan Sri Shamsul Azri Abu Bakar, an in-depth study of the proposal is necessary before any decision can be made. "There has been no study on the proposal so far. So, the PSD will conduct one first," he told reporters after attending a lecture titled 'State Capacity and Directed Growth: A Mission-Oriented Approach' by renowned economist Prof Mariana Francesca Mazzucato, here on Wednesday (Aug 6). On July 31, Prime Minister Datuk Seri Anwar Ibrahim, when tabling the 13th Malaysia Plan (13MP) in Parliament, announced that the retirement age policy would be reviewed in line with Malaysia's demographic shift toward an ageing nation. The initiative is part of the ninth strategic thrust of 13MP, which focuses on advancing social justice and equal opportunities for all citizens. Anwar had stated that various factors, including financial implications and job market dynamics, must be considered before making a final decision on the matter. The current mandatory retirement age for civil servants in Malaysia is 60, which also serves as the minimum retirement age for private sector workers under the Minimum Retirement Age Act 2012. – Bernama
The Sun
4 days ago
- Business
- The Sun
PSD to study raising civil service retirement age to 65
PUTRAJAYA: The Public Service Department (PSD) will conduct a study on the proposal to raise the mandatory retirement age for civil servants from 60 to 65. According to Chief Secretary to the Government (KSN) Tan Sri Shamsul Azri Abu Bakar, an in-depth study of the proposal is indeed necessary before any decision can be made. 'There has been no study on the proposal so far. So, the PSD will conduct one first,' he told reporters after attending a lecture titled 'State Capacity and Directed Growth: A Mission-Oriented Approach' by renowned economist Prof Mariana Francesca Mazzucato, here today. On July 31, Prime Minister Datuk Seri Anwar Ibrahim, when tabling the 13th Malaysia Plan (13MP) in Parliament, announced that the retirement age policy would be reviewed in line with Malaysia's demographic shift toward an ageing nation. The initiative is part of the ninth strategic thrust of 13MP, which focuses on advancing social justice and equal opportunities for all citizens. Anwar previously stated that various factors, including financial implications and job market dynamics, must be considered before making a final decision on the matter. In May, Minister in the Prime Minister's Department (Law and Institutional Reform) Datuk Seri Azalina Othman Said proposed that the government consider increasing the retirement age, arguing that it was a loss to force capable individuals to retire at 60 when many remain active, productive, and able to contribute meaningfully to the workforce. Currently, the mandatory retirement age for civil servants in Malaysia is 60, which also serves as the minimum retirement age for private sector workers under the Minimum Retirement Age Act 2012. - Bernama
